Strong unit economics helped the Delhi-based, bootstrapped SaaS company Wingify maintain its momentum in FY22 as revenue approached the Rs 200 crore threshold.
According to annual financial documents submitted to the Registrar of Companies, Wingify’s operational revenue in FY22 was Rs 191 crore, up from Rs 155 crore in the prior financial year (RoC). The company’s sales increased from the previous fiscal, when it scarcely changed.
Wingify, a 12-year-old company, offers an internal product called visual website optimizer to internet firms for their conversion rate optimization (CRO) procedure (VWO).
Wingify provides a single platform for digital experiences that convert better. It has features like VWO Testing, VWO Insights, VWO FullStack, VWO Engage, VWO Plan, and VWO Services all in one platform.
The integrated platform that makes it possible to optimise the complete audience journey is called the VWO Experience Optimization Platform. The platform makes intelligent use of technologies like integration, load time performance, and Bayesian statistics.
It provides services for businesses, e-commerce, SaaS, e-learning, media/publications, and e-learning.
The company’s sole source of revenue, which increased by 23.2% to Rs 191 crore in FY22 from Rs 155 crore in FY21, is from these services.
Employee benefit costs made up the majority of Wingify’s cost structure, accounting for almost 69% of total expenditures. From Rs 72 crore in the previous fiscal year to Rs 92 crore in FY22, this expense increased by 28%.
The company boasts over 4,000 clients in 90 different countries, including, among others, major corporations like Ubisoft, eBay, Target, and Virgin Holidays. 400 people are currently employed there worldwide.
The second significant price for the business was advertising and marketing, which made up 10% of the overall cost. In FY22, the expense rose 86% to Rs 13 crore.
Wingify increased its expenditures for information technology and legal professional services by additional Rs 12 crore and Rs 6 crore in FY22, raising the total cost by 32.7% to Rs 134 crore.
Profits for the company increased by 13.7% to Rs 58 crore in FY22 from Rs 51 crore in FY21 while remaining consistent. As long as the business maintains its core values, cash flow from operations in FY22 was positive at Rs 57 crore.
Regarding the ratios, the company’s ROCE and EBITDA margins were 21.17% and 28.23%, respectively, in FY22. It needed to spend Rs 0.7 to generate just one unit of operating income.
Wingify’s Paras Chopra said in May that the company generates recurring revenue of $30 million (240 crore rupees) annually.
Startups with venture capital funding lose money as they grow. However, recently, bootstrapped businesses like Wingify and Zoho have demonstrated good unit economics.