Private equity firm Everstone has acquired a majority stake in Wingify, marking a notable development in the technology sector. The acquisition, finalized this week, is valued at approximately $200 million. Wingify, a pioneering Indian startup founded by Paras Chopra in 2010, has made a significant impact in the software-as-a-service (SaaS) industry without any external funding until now.
The deal comes as Wingify continues to expand its influence, serving over 4,000 clients across 90 countries. The company stands out for its popular website testing service, VWO, and competes with global giants such as Optimizely and Google Optimize. Wingify's annualized revenue recently reached an impressive $50 million, underscoring its status as one of India's earliest bootstrapped SaaS success stories.
Everstone has been actively investing in India's burgeoning technology sector, identifying profitable, bootstrapped companies with substantial global reach as lucrative opportunities. This acquisition of Wingify aligns with Everstone's strategy to enhance its technology portfolio. Although specific comments from both Wingify and Everstone were not immediately available, the acquisition represents a significant exit for founder Paras Chopra, who will retain a minority stake in the company.
Wingify's journey began over a decade ago when Chopra built the company from the ground up without external support. Today, it stands as a testament to the potential of Indian startups on the global stage. Everstone's investment is expected to provide Wingify with resources and strategic guidance to further accelerate its growth and competitive edge in the international market.
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