Aussie design software giant Canva has shrugged off its valuation plunge, unveiling a major product expansion that puts it in direct competition with Microsoft and Google, and cements its founders’ ambition of becoming one of the world’s biggest companies.

Co-founders Melanie Perkins, Cliff Obrecht and Cameron Adams unveiled its new Visual Worksuite products at a highly produced event in Sydney’s Hordern Pavilion on Wednesday, and said it would help boost the company beyond its previously held $40 billion valuation within 18 months.