Private equity firm Everstone has finalized an acquisition deal to secure a majority stake in Wingify, one of India’s most successful bootstrapped software-as-a-service (SaaS) companies, for approximately $200 million. This marks a significant milestone for Wingify’s founder, Paras Chopra, who built the company without external funding since its inception in 2010.
Wingify’s Journey to Success
Delhi-based Wingify has grown from a two-person startup to a profitable global software provider, now serving over 6,000 clients worldwide. The company’s flagship product, Visual Website Optimizer (VWO), helps businesses optimize their online conversion rates through A/B testing and enhanced customer experience. Wingify recently reported an impressive annualized revenue run rate of $50 million.
Chopra, who owned 71% of Wingify prior to the acquisition, will retain a minority stake in the company. Chopra confirmed the acquisition and its value in a post on Hacker News. He expressed confidence in the future leadership of the company under co-founder Sparsh Gupta and the Everstone team.
“I am confident that Sparsh and the Everstone team possess the expertise and vision to lead the business through its next phase of success,” Chopra stated.
“I look forward to remaining involved as a shareholder and board member, providing guidance to ensure the company’s continued achievements.”
Wingify’s Global Reach and Competitive Landscape
With over 6,000 clients across 90 countries, Wingify competes with global giants like Optimizely and Bloomreach. Its product suite is priced based on visitor volume, with plans ranging from a free tier for up to 50,000 visitors to enterprise-level offerings costing up to $70,000.
The acquisition strengthens Everstone’s growing technology portfolio. The firm has been focusing its investments on profitable, bootstrapped companies in India with global reach. Sandeep Singh, Managing Director of Everstone Capital, emphasized Wingify’s position as a leader in the global SaaS space.
“Wingify is among a select group of highly profitable software companies emerging from India with a leading position globally,” Singh said.
“This is our second significant investment in the marketing technology space in 18 months. We congratulate Paras and Sparsh on their journey and look forward to working with Sparsh and his team in Wingify’s next phase of growth.”
A Promising Future for Wingify
Everstone’s acquisition of Wingify is a notable step in the firm’s strategy to invest in high-growth technology companies in India. With the expertise of Everstone and the continued leadership of Sparsh Gupta, Wingify is poised for an exciting next chapter in its growth journey.
