Private equity firm Everstone has reached a deal to acquire a majority stake in Wingify, one of India’s earliest bootstrapped software-as-a-service success stories, for about $200 million, three sources familiar with the matter told TechCrunch.
The deal, finalized this week, marks a significant exit for Wingify’s founder Paras Chopra, who built the SaaS startup without external funding since its inception in 2010.
The annualized revenue of the profitable Delhi-based startup, known for its popular website testing service VWO, recently touched $50 million. Chopra will retain a minority stake in the firm, one of the sources said.
Wingify and Everstone didn’t immediately respond to requests for comment.
Wingify serves over 4,000 clients across 90 countries, competing with global players like Optimizely and Google Optimize.
The acquisition adds to Everstone’s growing technology portfolio. The private equity firm has been actively investing in India’s technology sector, seeing opportunity in profitable, bootstrapped companies with global reach.
This is breaking news. More to follow…
Manish Singh is a senior reporter at TechCrunch, covering India’s startup scene and venture capital investments. He also reports on global tech firms’ India play. Before joining TechCrunch in 2019, Singh wrote for about a dozen publications, including CNBC and VentureBeat. He graduated in Computer Science and Engineering in 2015. He is reachable on manish(at)techcrunch(dot)com.
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