Everstone buys majority stake in India’s bootstrapped SaaS startup Wingify

Singapore-based private equity firm Everstone Capital on Friday said it has acquired a majority stake in India’s bootstrapped marketing technology SaaS firm Wingify.

While the company declined to disclose the deal value, sources familiar with the matter estimated it to be between $250 million and $300 million.

Founded by Parag Chopra in 2010, Wingify’s flagship product, VWO, serves over 3,000 global brands, helping them optimise digital experiences and drive business growth.

It claims to have an annual recurring revenue (ARR) exceeding $50 million, and a significant global presence, with about 90% of its revenue generated from the US and Europe.

Chopra will continue to be a shareholder and remain on the board of the company, the firm said.

Everstone said the deal highlights its focus on two key technology sectors: SaaS and marketing technology across India and Southeast Asia.

“The technology sector in general, and the software space in particular, are key components of our private equity investment strategy,” Avnish Mehra, vice chairman and head of private equity at Everstone Capital said, adding the deal enhances the firm’s “formidable technology franchise”.

Everstone’s investments span multiple sub-sectors including tech-enabled business services (Omega, Everise, MediaMint), digital engineering (Apexon, C Prime) and software (Acqueon).

Everstone Capital is the private equity business of the Everstone Group, a global firm with assets under management exceeding $8 billion. The firm focuses on mid-market, control growth, and cross-border opportunities spanning technology, healthcare, financial services, and industrials.

Some of its portfolio companies include Calibre Chemicals, Sahyadri Hospitals, Innoveo, Burger King- India and Indonesia, Omega Healthcare and Sula Vineyards among others.

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