Premji Invest to infuse $50-$70 million fund in Canva

After investing in an American firm Hippocratic AI, Premji Invest is reportedly planning to invest $50-$70 million in the popular graphic design platform Canva, based in Australia. This investment is part of Canva’s recent secondary market sale, valuing the company at $26 billion.

Canva now has more than 170 million monthly active users across 190 countries. With AI products added to its suite of solutions, the company’s revenue has risen to A$2.7 billion (US$1.7 billion).

Canva also entered into AI-powered design that is expected to be a game changer for millions of users. In India, for example, people are shifting away from complex design tools to more intuitive AI-powered apps as they create visually appealing documents – not the least of which are digital portfolios and resumés among job candidates aiming to stand out.