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

While the impact of Wingify’s acquisition by Everstone will only be visible when the SaaS firm files its FY26 numbers, the company’s profit plunged more than 60% in FY25 due to an 88% increase in employee benefit costs. Even so, the firm maintained its growth streak, reporting a 34% year-on-year rise in revenue during the fiscal year ending March 2025.

The company’s operating revenue grew 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).

Wingify 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 in the last fiscal year.

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 growth, the sharp rise in costs, particularly employee expenses, compressed profitability, leading to a 61% decline in Wingify’s net profit to Rs 24 crore in FY25. The company’s ROCE and EBITDA margin also fell 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. As of March 2025, 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, representing one of the largest transactions in the Indian SaaS ecosystem. Following the acquisition, founders Paras Chopra and Sparsh Gupta will take different roles: Chopra will keep a minority stake but step back from daily operations, while CEO Gupta will retain a significant stake and continue leading Wingify.