Dreamplug Technologies Private Limited, popularly known as CRED, has successfully raised $900 million (approximately ₹8,550 crore) in a Series H funding round led by Meta. This substantial investment involves both a primary subscription and a secondary acquisition of shares from existing shareholders.
In a significant development, Kunal Shah, the founder of CRED, while retaining a minority stake, will step down from his active role in CRED’s daily operations. Shah is set to join Meta, taking on a global leadership position to oversee WhatsApp.
Legal Counsel and Advisory Teams
Trilegal served as the legal advisor for CRED, guiding the company and Kunal Shah through the intricacies of the transaction. The firm’s responsibilities included structuring, negotiating, and documenting the deal, facilitating Shah’s transition to Meta, navigating regulatory requirements for the CRED Group, and ensuring the fulfillment of conditions precedent to close the transaction. The Trilegal team was spearheaded by Partners Amit Khansaheb and Nikhil Sachdeva, with support from Counsel Narayan Gupta, Senior Associates Sindhujaa Nayak and C.N. Yashwanth, and Associate Sidharth Sankar Pattnaik. On competition law matters, Partner Aparna Mehra, assisted by Counsel Kshitij Sharma and Senior Associate Karan Arora, provided expert advice.
Meta received legal counsel from AZB & Partners, with Senior Partner Nandish Vyas leading the transaction team. International legal advisory was provided to Meta by Latham & Watkins, with Partner Saad Khanani and Counsel Jennifer Cadet at the helm.
Advisory for Shareholders and Investors
Shardul Amarchand Mangaldas & Co advised six shareholders who divested their stakes to Meta. The advisory team was led by Partner Raghubir Menon, the Regional Practice Head of M&A and Private Equity, alongside Partner Anirban Bhattacharya. They represented shareholders from Peak XV Partners, Coatue, DST Global, Alpha Wave Global, and GIC. Partners Pooja Sondhi and Manita Doshi represented Tiger Global in the transaction.
Although SAM is a regular advisor to Meta, it did not represent Meta in this transaction due to its engagement with the exiting investors, creating a conflict of interest. Consequently, AZB & Partners took on the role of Meta’s Indian counsel.
CMS INDUSLAW provided legal advice to Ribbit Capital, another CRED investor, with Partner Winnie Shekhar leading their transaction team.
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