Private Equity Firm Everstone Acquires Majority Stake in Wingify

In a recent development, private equity firm Everstone has successfully acquired a majority stake in Wingify, a prominent player in India's software-as-a-service domain, for an estimated $200 million. This acquisition represents a significant milestone for Wingify's founder Paras Chopra, who has steered the company without external funding since its establishment in 2010. Despite being profitable, the Delhi-based startup has reached an annualized revenue of $50 million, driven by its widely-used website testing service VWO. 

Notably, Paras Chopra will continue to hold a minority stake in the company. Wingify, renowned for its popular VWO service, caters to a client base spanning 90 countries and comprising over 4,000 customers, positioning itself in competition with major global players like Optimizely and Google Optimize. 

Both Wingify and Everstone are yet to comment on the deal. Everstone's move to add Wingify to its technology portfolio aligns with its strategy to invest in India's technology sector, capitalizing on the potential of profitable, bootstrapped companies with a strong global presence.

Source: Tech Crunch