Private equity firm Everstone Capital has announced its acquisition of an 80% stake in Wingify, a bootstrapped SaaS startup founded by Paras Chopra and Sparsh Gupta. This news has generated excitement among SaaSBoomi’s community of over 6,000 SaaS founders. Raghava noted, “Sparsh and I are part of 17 mutual WhatsApp groups, and when the stake sale was revealed, a wave of congratulatory messages spread among SaaS entrepreneurs across India.” While the financial details remain undisclosed, the deal values Wingify at approximately $200 million, marking a significant milestone for the Delhi-based company, which was established in 2009.
In just over 15 years, Wingify has built a global footprint, serving more than 5,000 enterprises, including clients in the US, Canada, and Europe. The startup reported a revenue increase of 30.8% in 2023-24, reaching ₹288.61 crore, up from ₹220.6 crore the previous year, alongside a 30% year-over-year profit growth, as per its consolidated financial statement filed with the Registrar of Companies. Wingify achieved this success independently, which caught the attention of Everstone, who recognized its global market potential, strong profitability, and robust technology platform as key advantages.
Sandeep Singh, managing director of Everstone, remarked, “Software startups in India have traditionally attracted venture capital. We acted quickly with Wingify because it met all our criteria.” Everstone was particularly impressed by Wingify’s commitment to product excellence and profitability over aggressive growth strategies. The fact that Wingify was bootstrapped, profitable, and had a solid technological foundation in the marketing tech sector further aligned with Everstone’s investment strategy. Earlier in July 2023, Everstone had invested significantly in MediaMint, another bootstrapped marketing firm with a global reach, indicating a broader investment strategy.
The $200 million valuation represents an impressive 4x return on investment for Wingify, which had an annual recurring revenue (ARR) of $50 million at the time of acquisition. However, focusing solely on ARR does not fully reflect the returns generated by Wingify. Nitin Bhatia, managing director of DC Advisory, which facilitated the deal, stated, “Their capital returns are exceptional. Only ₹2 lakh was initially invested in the company, with subsequent growth driven entirely by business accruals. At the time of exit, the company had over $60 million in cash reserves.” In a business environment often fixated on rapid growth and substantial funding, Wingify has demonstrated that success can be achieved without relying on external financing.
