Private equity firm Everstone is set to acquire a majority ownership stake in Wingify, regarded as one of India’s pioneering bootstrapped SaaS success stories, valued at approximately $200 million, according to three insiders who spoke to TechCrunch.
This agreement, which was concluded this week, represents a major exit for Wingify’s founder, Paras Chopra, who successfully launched the startup in 2010 without resorting to any external funding.
Based in Delhi, Wingify has transformed from a two-person operation into a globally recognized software provider, boasting over 6,000 clients. Its primary offering, Visual Website Optimizer (VWO), allows businesses to enhance their online conversion rates through A/B testing and optimizing customer experiences.
Recently, the startup’s annual revenue has reached an impressive $50 million.
Before the acquisition, Chopra held a 71% share in Wingify and will keep a minority interest in the company, according to one source. He confirmed the acquisition and its valuation in a post on Hacker News.
Chopra, who will continue to serve on the company’s board, expressed his confidence in Sparsh Gupta, Wingify’s co-founder, and the Everstone team, stating, “I am optimistic that they have the expertise and vision to guide the business into its next growth phase. I look forward to being actively involved as a shareholder and board member, offering assistance to ensure the company continues to thrive.”
Wingify caters to more than 6,000 clients spanning 90 countries, competing with international players such as Optimizely and Bloomreach. The pricing of Wingify’s product suite is based on visitor volume, ranging from a complimentary tier accommodating up to 50,000 visitors to enterprise plans priced at $70,000.
This acquisition further extends Everstone’s expanding technology portfolio. The private equity firm has been strategically investing in India’s tech sector, identifying potential in successful, bootstrapped companies with an international presence.
“Wingify is among a rare group of highly profitable software firms emerging from India that have established a strong global presence,” Sandeep Singh, managing director of Everstone Capital, stated in a Friday announcement.
“This marks our second major investment in the marketing tech sector within the last 18 months. We applaud the founders, Paras and Sparsh, for their achievements and eagerly anticipate collaborating with Sparsh and his team as Wingify embarks on its next growth phase.”
This article has been updated to include statements from the companies involved.
Compiled by Techarena.au.
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