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Meta will acquire roughly 20% stake in CRED, valuing the company at about Rs 38,000 crore ($4.5 billion), and Shah will succeed Will Cathcart as the head of WhatsApp.

Mark Zuckerberg said he looks forward to working with Shah to continue to make WhatsApp the best service for billions of people and millions of businesses.

Founded by Anshul Rai and Varun Rathi in 2012, its solutions include prepaid cards for business expenses, travel and expenses, among others.

GIC of Singapore will lead the round and other existing investors Sofina, Tiger Global and FalconEdge and Dragoneer will participate in the round.

As many as 52 companies are younger than 10 years, led by Mensa Brands, the youngest company to feature on the list, founded just 6 months ago.

While Happay will operate as a separate entity, the team will work closely with CRED leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale.