The Swedish tech entrepreneur co-founded OnePlus in 2013 at the age of 24. After nearly seven years, he made the "difficult decision" of leaving the company in October 2020.
"Carl is working on a new consumer electronics company that I am sure will be a disruptor in the tech industry. I am excited to be part of this journey," said Shah on his investment.
Shah has invested in multiple sectors through his career and this investment is in his personal capacity.
He founded members-only credit card management and bill payments platform CRED in 2018.
Pei had already raised $7 million in seed financing round for his new venture from friends and private investors including Tony Fadell (Principal at Future Shape & Inventor of the iPod), Casey Neistat (YouTuber), Kevin Lin (Cofounder of Twitch), Steve Huffman (CEO of Reddit), Liam Casey (Founder and CEO, PCH), Paddy Cosgrave (Founder of Web Summit) and Josh Buckley (CEO of Product Hunt).
"Kunal is one of the sharpest people I know. I am proud and glad to have him as a friend, advisor and now also an investor," said Pei.
"We are in advanced stages of our vision and are excited to introduce it to the world soon."
Pei's new venture will be officially announced on January 27.