In a significant move highlighting consolidation in the software space, Singapore-based private equity firm Everstone Capital is set to acquire a majority stake in bootstrapped software-as-a-service (SaaS) startup Wingify for a deal size of around $200 million, sources told Moneycontrol.
Founded by Paras Chopra and Sparsh Gupta in 2010, the Delhi-based Wingify has built its flagship product VWO, a leading conversion optimization platform that businesses worldwide.
Wingify saw its operating scale surge 30.8 percent in fiscal year 2024. The company's revenue from operations increased to Rs 288.61 crore from Rs 220.6 crore in the previous year, while profits grew 30 percent year-on-year, according to its consolidated financial statement filed with the Registrar of Companies.
Wingify's global market presence spans the US, Canada, Europe, Australia, Germany, and the Netherlands. According to data from the company's website, the firm has around 5000 clients.
“Wingify is among a select set of highly profitable, software companies emerging out of India that have carved a leading position globally. 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.” said Sandeep Singh, Managing Director, Everstone Capital.
The acquisition comes at a time when the Indian SaaS market is experiencing significant consolidation, driven by global economic pressures and investor interest.
"Wingify is among a select few, India-bred SaaS companies that have achieved reasonable scale, with over $50M in ARR, attractive margins, and high profitability. The firm has a considerable global market presence, with the US and Europe accounting for ~90% of revenue," the firm said in a statement.
Large private equity and venture capital firms are increasingly acquiring bootstrapped and mid-sized SaaS companies, viewing them as strategic assets with stable recurring revenue models.
Globally, this trend is accelerating, with companies like Salesforce, Microsoft, and private equity firms making strategic acquisitions to expand product portfolios, enter new markets, and achieve economies of scale.
The Indian SaaS ecosystem, valued at approximately $50 billion, is particularly attractive due to its cost-effective talent, robust product development capabilities, and increasing global competitiveness, making it a prime target for consolidation strategies.
Last year, US-based private equity firm Symphony Technology Group (STG) has acquired Bengaluru-based Eka Software Solutions, a commodities trade and risk management (CTRM) software company.
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