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Everstone acquires Paras Chopra’s Wingify for $200 Mn

SaaS company Wingify is in the process of getting acquired by private equity  firm Everstone, sources aware of the development told Entrackr

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Harsh Upadhyay
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Singapore-based private equity firm Everstone has acquired the SaaS company Wingify. This acquisition is set to be one of the largest deals in the SaaS space and a significant milestone for a startup that has been bootstrapped since its inception.

Sources indicate that Everstone is set to acquire a majority stake in the Delhi-based company. "Co-founder Paras Chopra will retain a minority stake in Wingify but will not have any operational role. Meanwhile, co-founder and CEO Sparsh Gupta will hold a significant stake and continue leading the company as chief executive officer (CEO)," said one source on condition of anonymity.

Wingify and Everstone confirmed the development in a press release.

“I am confident that Sparsh 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,” said Chopra.

 TechCrunch, which reported the development first, said that the deal will be worth around $200 million.

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).

While Wingify has reached $50 million in annual recurring revenue, its revenue from operations increased to Rs 288.61 crore in FY24 from Rs 220.60 crore in FY23. The company’s profit after tax also increased 30% year-on-year to Rs 61.04 crore.

The firm has a considerable global market presence, with the US and Europe accounting for approximately 90% of revenue. 

Besides Wingify, Chopra also co-founded two startups: VWO and Nintee. Backed by Peak XV Partners, Kunal Shah, and others, Nintee was shut down in April last year, with the firm returning the majority of the capital it had raised from investors.

According to Chopra’s LinkedIn profile, he has been the founder and independent director of Turing's Dream since April of last year.

With a fund size exceeding $2 billion, Everstone focuses on the Indian and Southeast Asian markets. It has deployed capital in mid-market, control growth, and cross-border opportunities across sectors such as technology services, healthcare and pharma, consumer, financial services, and industrials.

Update: The headline and story have been updated to incorporate additional information from Wingify's press release.

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