Everstone Acquires Majority Stake in Wingify for $200M, Marking a Landmark Exit for Bootstrapped SaaS Pioneer

Private equity firm Everstone Capital has taken a significant step in the SaaS domain by acquiring a majority stake in Wingify, a pioneer in India’s bootstrapped software-as-a-service (SaaS) ecosystem.

The deal, valued at approximately $200 million, represents a major exit for Wingify’s founder Paras Chopra, who built the company without external funding since its inception in 2010.

Wingify’s Journey: From Bootstrap to Global SaaS Leader

Founded by Paras Chopra and Sparsh Gupta, Delhi-based Wingify has grown into a profitable global software provider with over 6,000 clients across 90 countries.

The company’s flagship product, Visual Website Optimizer (VWO), helps businesses optimize customer experiences and improve conversion rates through A/B testing.

Wingify’s growth has been remarkable, with its annualized revenue recently reaching $50 million.

Over the years, its operational scale surged, with revenue from operations climbing 30.8% year-on-year to ₹288.61 crore in fiscal 2024, accompanied by a 30% increase in profits.

The startup’s major markets include the U.S., Canada, Europe, Australia, Germany, and the Netherlands.

Founder Paras Chopra Retains Minority Stake

Before the acquisition, Chopra owned 71% of Wingify. Following the deal, he will retain a minority stake and remain on the company’s board.

In a post on Hacker News, Chopra confirmed the deal and its valuation, expressing confidence in the new leadership.

“I am confident that Sparsh [Gupta, co-founder of Wingify] and the Everstone team possess the expertise and vision to lead the business through its next phase of success. I look forward to remaining involved as a shareholder and board member, providing guidance and support to ensure the company’s continued achievements,” Chopra said in a statement.

Everstone’s Commitment to Wingify’s Growth

Everstone Capital, known for its technology-focused investments, sees significant potential in Wingify.

“Wingify is among a select set of highly profitable software companies emerging out of India that have carved a leading position globally,” said Sandeep Singh, Managing Director of Everstone Capital.

This acquisition is Everstone’s second major investment in the marketing technology space within 18 months, reflecting the firm’s confidence in the sector.

The private equity firm plans to support Wingify’s product innovation and global expansion, with co-founder Sparsh Gupta retaining a significant equity stake and leading the company’s next phase.

“We are confident that our partnership with Everstone will enable us to accelerate our expansion plans and further strengthen our global footprint. This paves the way for us to scale new heights in innovation and market reach,” Gupta said.

SaaS Consolidation in India: A Growing Trend

The deal comes at a time when India’s SaaS ecosystem, valued at $50 billion, is witnessing consolidation.

Global economic pressures and increased investor interest are driving large private equity firms to acquire bootstrapped and mid-sized SaaS companies.

Wingify’s success reflects broader trends in the industry. Indian SaaS companies benefit from cost-effective talent, strong product development capabilities, and growing global competitiveness.

For investors like Everstone, these firms represent strategic assets with stable recurring revenue models.

Global Impact and Strategic Importance

Wingify competes with major players like Optimizely and Bloomreach, with the U.S. and Europe accounting for 90% of its revenue.

Its product pricing ranges from free plans for smaller businesses to enterprise solutions costing up to $70,000, making it versatile for a broad client base.

The acquisition also highlights a global trend in the SaaS sector, where firms like Salesforce and Microsoft, along with private equity players, are acquiring companies to expand their portfolios and achieve economies of scale.

Avnish Mehra, Vice Chairman and Head of Private Equity at Everstone Capital, commented, “Wingify adds to the formidable technology franchise at Everstone Capital, which has spanned investments in multiple sub-sectors, including tech-enabled business services, digital engineering, and software.”

A Milestone in Indian SaaS Success

Wingify’s journey from a bootstrapped startup to a global SaaS leader and its subsequent acquisition marks a milestone in India’s software industry.

For Everstone, this acquisition strengthens its growing technology portfolio, which already includes investments in several tech-enabled businesses and software companies.

Paras Chopra summed up his optimism, stating, “I am confident that Sparsh and the Everstone team possess the expertise and vision to lead the business through its next phase of success.”

As the SaaS sector continues to grow and evolve, Wingify’s acquisition stands out as a significant development, paving the way for more opportunities and consolidations in the industry.