Everstone Acquires Wingify for $200M - A Major India Startup Deal

Everstone Acquires Majority Stake in Wingify for $200 Million

Everstone, a private equity firm, is set to acquire a majority ownership position in Wingify. This acquisition, valued at approximately $200 million, was reported by three sources with knowledge of the transaction to TechCrunch.

A Significant Exit for Wingify’s Founder

The agreement, completed this week, represents a substantial exit for Paras Chopra, Wingify’s founder. He successfully established the startup without relying on any external funding since its founding in 2010.

Wingify’s Growth and Flagship Product

Based in Delhi, Wingify has evolved from a small, two-person operation into a globally recognized and profitable software provider. The company currently serves over 6,000 clients worldwide.

Visual Website Optimizer (VWO), Wingify’s primary product, empowers businesses to enhance their online conversion rates. This is achieved through techniques like A/B testing and optimization of the overall customer experience.

Financial Performance

Wingify’s annual revenue has recently reached $50 million, demonstrating strong financial health and market demand.

Ownership and Future Role of Paras Chopra

Prior to the acquisition, Paras Chopra held a 71% ownership stake in Wingify. He will maintain a minority stake following the transaction, as confirmed by one source.

Mr. Chopra also verified the deal’s details in a post on Hacker News. He will continue to contribute to the company’s direction as a board member.

In a statement released after initial reports, Chopra expressed his confidence: “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.”

Competitive Landscape and Pricing

Wingify operates in over 90 countries, serving a diverse client base. It competes with established global companies such as Optimizely and Bloomreach.

The company’s pricing structure is based on website visitor volume. Options range from a free plan for up to 50,000 visitors to enterprise-level subscriptions costing $70,000.

Everstone’s Expanding Technology Portfolio

This acquisition strengthens Everstone’s growing portfolio of technology investments. The firm has been actively investing in India’s tech sector, focusing on profitable, self-funded companies with a global presence.

Everstone’s Perspective

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

He further added: “It is our second significant investment in the marketing technology space in the past 18 months. We congratulate the founders, Paras and Sparsh, on their journey and look forward to working with Sparsh and his team in Wingify’s next phase of growth.”

This article has been updated to include statements from both companies.