Everstone acquires bootstrapped Indian startup Wingify for $200M
Private equity firm Everstone has reached a deal to acquire a majority stake in Wingify, one of India’s earliest bootstrapped software-as-a-service 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 SaaS startup without 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.
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.”
