In a landmark deal for India’s software-as-a-service (SaaS) industry, private equity firm Everstone Capital has acquired a majority stake in Wingify, a bootstrapped SaaS pioneer, for $200 million. This acquisition highlights the growing global recognition of India’s software talent and entrepreneurial spirit. Here’s a closer look at the journey of Wingify and the significance of this deal.
Credits: Yourstory
Wingify: From Humble Beginnings to SaaS Stardom
Wingify, which was established in Delhi in 2010 by Paras Chopra, has established a distinct position for itself in the worldwide SaaS market. What started off as a two-person business swiftly grew into a successful software company with more than 6,000 customers in 90 countries.
Using methods like A/B testing and customer experience optimization, the company’s main product, Visual Website Optimizer (VWO), helps organizations increase online conversion rates. VWO’s strong $50 million yearly sales and capacity to compete with international behemoths like Optimizely and Bloomreach are clear indicators of its success.
The Deal: A $200 Million Exit
One of the biggest exits for an Indian bootstrapped SaaS business, Everstone Capital completed the acquisition this week. Founder Paras Chopra, who previously held 71% of the business, will continue to serve on the board and hold a minority stake.
“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,” Chopra stated in response to the deal. I’m excited to be active as a board member and stakeholder, offering direction and assistance to guarantee the business’s ongoing success.
Sandeep Singh, Managing Director of Everstone Capital, echoed these sentiments, stating, “Wingify is among a select set of highly profitable software companies emerging out of India that have carved a leading position globally.”
Credits: Tech Crunch
Why This Acquisition Matters
For Everstone Capital
This acquisition demonstrates Everstone’s faith in India’s SaaS ecosystem and broadens its expanding technology portfolio. The company has been making significant investments in technology-driven companies because it sees the potential for successful, globally operating bootstrapped endeavors. Interestingly, in the last 18 months, Everstone has made two significant investments in marketing technology.
For Wingify
Backed by Everstone’s financial resources and expertise, Wingify is well-positioned for its next growth phase. The partnership is expected to enhance Wingify’s ability to scale globally, innovate its product offerings, and strengthen its position against competitors in the martech space.
For Indian SaaS
The deal underscores India’s rise as a hub for world-class SaaS companies. It serves as a shining example for aspiring entrepreneurs who aim to build sustainable, bootstrapped businesses. Wingify’s success story also demonstrates how Indian startups can achieve profitability without relying on external funding.
What Makes Wingify Stand Out
The success of Wingify is evidence of the value of customer-focused innovation. With enterprise subscriptions starting at $70,000 and a free tier for up to 50,000 visits, the company’s price structure accommodates companies of all sizes. Wingify has been able to draw in a wide range of customers while being profitable because to its adaptability.
VWO, its flagship product, is now a standard tool for companies trying to maximize their online visibility. Wingify’s long-standing success may be attributed to the actual value it has provided for its clients by assisting businesses in improving conversion rates and customer experiences.
Credits: PUNE.NEWS
Looking Ahead: What’s Next for Wingify?
Wingify is ready for a revolutionary growth phase under Sparsh Gupta’s direction and with Everstone’s support. It is anticipated that the business will make investments to broaden its product line, penetrate new markets, and increase its worldwide presence. With more than 6,000 customers having signed up, this Indian SaaS leader appears to have a bright future.
The transaction is a major turning point in Paras Chopra’s business career. He can continue to support the company’s expansion and pursue new endeavors by staying on the board.
