Premji Invest, the fund chaired by Wipro’s founder, Azim Premji, is reportedly considering an investment of $50-$70 million in the Australian graphic design platform, Canva. This investment would be part of Canva’s recent secondary market sale, where shares worth $1.6 billion exchanged hands between existing and new shareholders, valuing the company at $26 billion. Sources suggest that Premji Invest might acquire shares tendered by employees in the sale.
According to insiders, this investment is viewed favorably due to Canva’s projected initial public offering (IPO) in two years and its strong position in the flourishing creator ecosystem. Additionally, Premji Invest is increasingly focused on technology investments in the US, aiming to capitalize on the surge in generative artificial intelligence (AI). This move follows their recent investment in Hippocratic AI, an American AI firm specializing in voice-enabled generative AI agents for healthcare.
Premji Invest, known as one of India’s largest single investor funds, manages assets worth $14.3 billion, with diverse investments in India and the US across various asset classes. Some notable startup investments in India include Lenskart, Firstcry, Purplle, and The Sleep Company. In the US, they are an investor in pharma firm Moderna.
Canva, recognizing India as one of its fastest-growing markets, remains committed to substantial investments in the region. Co-founder and COO Clifford Obrecht highlighted India’s large creator community on Facebook and the country’s significance during the launch of Canva’s AI-enabled offerings under ‘Magic Studio’ in October 2023.
Recently, Canva expanded its portfolio by acquiring Affinity’s creative software suite, positioning itself as a direct competitor to design software giant Adobe. Affinity Designer, Photo, and Publishers offer features similar to Adobe’s Illustrator, Photoshop, and InDesign software.
