Wingify profit drops over 60% in FY25; revenue grows to Rs 386 Cr

Everstone-acquired SaaS platform Wingify has continued its steady growth in the last fiscal year ending March 31, 2025. However, the company saw its profits shrink significantly due to a steep rise in expenses.

The company’s operating revenue grew 34% to Rs 386 crore in FY25 from Rs 288 crore in FY24, according to its consolidated financial statement sourced from the Registrar of Companies (RoC).

The company offers SaaS solutions to online enterprises, supporting them in optimizing their conversion rates through their proprietary tool known as the Visual Website Optimizer (VWO). Income from the services of VWO was the sole source of its income.

Including non-operating income of Rs 15 crore, Wingify’s total income stood at Rs 401 crore in FY25 from Rs 301 crore in FY24.

Employee benefit expenses were the company’s largest cost component accounting for 68% of the cost, which rose 88% to Rs 257 crore in FY25 from Rs 137 crore in FY24. Legal and professional charges surged 26% to Rs 48 crore, while advertising expenses rose 57% to Rs 22 crore.

Overall, Wingify’s total expenses ballooned 70% to Rs 376 crore in FY25 from Rs 221 crore in FY24. For a more detailed expense breakup, refer to TheKredible.

Despite the revenue push, the spike in costs compressed profitability. Wingify’s net profit declined 61% to Rs 24 crore in FY25 from Rs 61 crore in FY24. Its ROCE and EBITDA margin decreased to 7.42% and 3.68% respectively.

The company spent Re 0.97 to earn a rupee of operating revenue during the year, up from Re 0.77 in the previous year. Wingify’s current assets stood at Rs 216 crore, including Rs 97 crore in cash and bank balances.

In January 2025, Wingify announced in a press release that Singapore-based private equity firm Everstone had acquired the bootstrapped SaaS firm, marking one of the largest transactions in the Indian SaaS ecosystem. According to sources, Everstone is acquiring a majority stake in the Delhi-based company.

Co-founder Paras Chopra will retain a minority stake but step away from operational responsibilities, while co-founder and CEO Sparsh Gupta will hold a significant stake and continue to lead Wingify as its chief executive.