Everstone acquires bootstrapped Indian startup Wingify for $200M

Private equity firm Everstone is acquiring a majority stake in Wingify, one of India’s first bootstrapped SaaS success stories, for about $200 million, three sources familiar with the matter told TechCrunch.

The deal, finalized this week, marks a significant exit for Wingify’s founder Paras Chopra, who built the startup without raising any external funding since its inception in 2010.

Delhi-based Wingify has grown from a two-person startup into a profitable global software provider with over 6,000 clients. Its flagship product, Visual Website Optimizer (VWO), helps businesses improve their online conversion rates through A/B testing and customer experience optimization.

The startup’s annualized revenue recently touched $50 million.

Chopra, who owned 71% of Wingify before the acquisition, will retain a minority stake in the firm, one of the sources said. Chopra confirmed the deal, including its value, in a post on Hacker News.

Chopra, who will also remain on the board of the company, said in a statement a day after the publication of the report: “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.”

Wingify serves over 6,000 clients across 90 countries, competing with global players like Optimizely and Bloomreach. Wingify’s product suite is priced based on visitor volume, ranging from a free tier for up to 50,000 visitors to enterprise plans costing $70,000.

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The acquisition adds to Everstone’s growing technology portfolio. The private equity firm has been actively investing in India’s technology sector, seeing opportunity in profitable, bootstrapped companies with global reach.

“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, in a statement on Friday.

“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.”

The story was updated to add the companies’ statements.