Canvera investment won't impact growth trajectory:Info Edge

99acres.com parent Info Edge has invested additional USD Rs 15 crore in Bangalore-based online photography service Canvera Digital. It has now invested a total of Rs 90 crore and holds 49 percent stake in Canvera.Speaking to CNBC-TV18, Chintan Thakkar, CFO, of the company says with this move, there will not be any significant deviation from the current growth trajectory. On the company's realty business, he says the real estate market has off late been laden with factors like low demand and high competitiveness. He is still not confident if 99acres would breakeven next year.Apart from 99acres.com the company's key business investments have been in naukri.com and Zomato.Below is the transcript of Chintan Thakkar's interview with CNBC-TV18's Nigel D'Souza and Reema Tendulkar.Nigel: Just wanted to address a small acquisition that you all made or the small investment that you all made recently. You all have invested close to around Rs 15 crore in Canvera Digital. Wanted to ask you a quick question. Have valuations comes down, are we seeing any kind of slowdown in terms of ecommerce valuations?A: First of all as you rightly said it is a small investment. Two, it is almost just an internal round. So, it is really very hard to relate an internal round to where the market valuations are. Three is we need to also understand the space in which Canvera is. So, Canvera is addressing a very niche space which is like addressing professional photographers who are into wedding albums. So, it is a very Indian thing, the market is very India specific. It is very under thought market but it is an India specific market which VCs find it very hard to really understand because there is no real comparable model or comparable benchmark for valuation outside India. So, they find it really hard to kind of understand this business but the business seems to be kind of doing well. Recently they also started classified directory for photographers and most of this money is going to go to do product development.Reema: It is a small investment in Canvera but you are sitting with cash of more than Rs 1,000 crore. Where else will you be investing that money. We know you are investing in 99acres.com. But anything apart from that where the company will be investing. Have you outlined the 2016 plans for your cash utilisation?A: There is a war chest for 99acres.com. So, it is almost like Rs 700 crore is kept aside for 99acres.com business and hopefully we may not have to spend that kind of money but certainly we are very serious about it. So, we are keeping that kind of reserve for 99acres.com. So, the rest of the money if you really look at the additional Rs 400-500 crore that we have in the days to come if the valuations are far more reasonable, the way internet is kind of growing in terms of breadth and depth we may get more opportunities to invest the outside of the four verticals that we are running internally and we might be able to invest in more verticals.Having said that right now have we kind of identified the companies that we invest and do we have kind of a well thought out plan for it, no. We are far more opportunistic. We look at entrepreneurs, we look at their ideas and if we are convinced about that then we are more than happy to invest in them. We are also happy to continue to invest in some of the companies where we are already invested. So, this is where the money is likely to go.Nigel: In terms of revenue growth what can we look at for FY16? Can we look at 20 percent plus growth because that will give you more room in terms of margin expansion as well. Could you give us some guidance for FY16. 20 percent plus or are we looking at maybe the higher teens?A: It is hard for me to say. We are in the last final slog overs of Q3 and the next few days will really decide where the Q3 is and what the outlook for Q4 could be. But if I take you back to last four to six quarters there is a kind of trajectory where we are on and I don\\'t see any significant deviation from the trajectory that we are already on. Having said that as I said the next few days will tell us where the Q3 would be.Reema: Let me just come back to 99acres.com. Your expectations for calendar year 2016 as we step into it. Do you believe 99acres.com might just breakeven next year in the coming four quarters?A: We are taking quarter by quarter. This is a business which is competitively very intense and the overall real estate market seems to be dull. So, in a dull market where everybody seems to be competing for market share and more so the players are very well funded players. It is very hard to say what the next step or plans would be or where the breakeven point would occur.