Inside the legal teams behind Meta's $900 million investment in Kunal Shah's CRED

Meta's $900 million investment in fintech unicorn CRED has brought together some of India's leading corporate law firms on one of the country's most closely watched technology transactions this year.The deal, which combines a Series H fundraise with a significant secondary share sale and the leadership transition of CRED founder Kunal Shah to Meta, saw mandates spanning mergers and acquisitions, tax, competition law and cross-border regulatory advice.Read more: Meta says AI era drove choice of Kunal Shah as next WhatsApp chief; links CRED investment to leadership transitionTrilegal acted for CRED and Kunal Shah, advising on all aspects of the transaction, including the primary and secondary investment structure, transaction documentation, regulatory considerations across the CRED group, satisfaction of conditions precedent and closing. The firm also advised Shah on his transition to Meta, where he will take on a global leadership role heading WhatsApp while remaining a minority shareholder in CRED, according to a Bar And Bench report.AZB & Partners represented Meta on the Indian law aspects of the transaction. The mandate included advising on the investment structure, acquisition documentation and regulatory matters associated with Meta's $900 million investment in CRED.International aspects of the transaction were handled by Latham & Watkins, which acted as Meta's international legal counsel. The mandate was led by partner Saad Khanani and counsel Jennifer Cadet.The secondary share sale also generated multiple shareholder-side mandates.Shardul Amarchand Mangaldas & Co. advised six existing investors - Peak XV Partners, Coatue, DST Global, Alpha Wave Global, GIC and Tiger Global - on the sale of their stakes to Meta. The transaction also resulted in an unusual conflict position. Although Shardul Amarchand has been a long-standing adviser to Meta in India, the firm's representation of multiple exiting shareholders in the approximately $400 million secondary component of the transaction meant it could not act for the buyer. That paved the way for AZB & Partners to advise Meta on the Indian law aspects of the deal, according to the report.CMS INDUSLAW represented Ribbit Capital, another CRED shareholder participating in the transaction. Beyond the legal mandates, the transaction marks a pivotal moment for both companies. Meta's investment values Bengaluru-based CRED at approximately $4.5 billion and combines primary capital with secondary acquisitions from existing shareholders. At the same time, Shah will step away from CRED's day-to-day operations to lead WhatsApp globally, while remaining a minority shareholder in the fintech company.Read more: How Meta's cold email to Kunal Shah led to his WhatsApp CEO appointmentAlso read: Who Is Kunal Shah?: Meet the Indian founder Mark Zuckerberg picked to lead Meta's biggest app - WhatsApp