Founded by Paras Chopra and Sparsh Gupta, Wingify is one of India's first bootstrapped success stories in the realm of SaaS.
The entrepreneurs started Wingify as a small Delhi-based software provider firm in 2009. Since then, it has grown into a global profitable software provider with more than 6,000 clients.
According to TechCrunch, the SaaS startup is now getting acquired by Everstone.
The private equity firm will acquire a majority stake in Wingify for about $200 million.
For founder Paras Chopra who owns a 71% stake in the company, this is a pretty impressive exit.
According to one of his LinkedIn posts, Paras started Wingify as a side project. Nine months ago, the startup had hit an annual recurring revenue of $42 million.
Sharing the news on social media, he had written, “Woke up to see Wingify hit upon the answer to life, universe and everything in between. We just hit $42mn ARR! My bootstrapped side project has come a long way!”
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WHAT DOES WINGIFY DO
Starting from a two-person team back in 2009 and scaling it without any external funding, Wingify acts as a global software provider. It began with the simple mission to help businesses design websites and applications that offer great customer experience.
The Visual Website Optimizer (VWO) is its flagship product. The software tool enables businesses to increase their online conversion rates. This is carried out through A/B testing and optimizing customer experience.
According to TechCrunch, Wingify’s recent annualized revenue was at a figure of $50 million.
With more than 6,000 clients spread across 90 countries, Wingify offers a product suite that is priced based on visitor volume.
For up to 50,000 visitors, it provides a free service. Additionally, there are enterprise plans costing $70,000.
The firm competes with global players of the likes of Optimizely and Bloomreach.
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THE DREAM EXIT
The $200 million deal was finalized this week.
Currently, Paras Chopra holds 71% of the company prior to the acquisition. This would mark an impressive exit for the founder.
With plans to retain a minority stake in the company as well as remain on the Board of Directors, Paras Chopra said in a statement, “I am confident that Sparsh 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.”
Calling Wingify one of the highly profitable software companies in India, Sandeep Singh, managing director of Everyone Capital said in a statement, “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.”
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