BENGALURU: Private equity firm Everstone has finalised an agreement to acquire a majority stake in Wingify, one of India’s earliest bootstrapped software-as-a-service (SaaS) success stories, in a deal valued at about $200 million, according to sources familiar with the matter.
Founded in 2010 by Paras Chopra and Sparsh Gupta, New Delhi-based Wingify develops tools designed to optimise website performance through split and multivariate testing. Its flagship product, VWO (Visual Website Optimizer), helps businesses increase sales, signups, and other key metrics by enabling data-driven decision-making. With a background in machine learning, Chopra started Wingify in early 2009 to enable businesses to design and deploy great customer experiences for their websites and apps.
Wingify built a reputation as one of the early entrants in the Indian SaaS space, earning recognition for scaling globally without relying on external funding. The acquisition marks a crucial development in their technology sector expansion strategy. Although primarily recognised for investing in consumer brands such as Burger King India and backing financial services firms like Indostar Capital within India, this latest acquisition indicates Everstone’s increased focus on India’s expanding SaaS sector, which analysts predict will generate $50 billion in yearly revenue by 2030.
“Sparsh will continue as CEO post-acquisition, ensuring operational continuity,” one source said on condition of anonymity. “Paras, who has gradually been stepping back from his active commitments at Wingify, is expected to focus on building ventures or products in AI. However, he will remain on the company’s board as a minority shareholder.”
Chopra, who previously held about 71% equity in Wingify, is set to retain a smaller stake following the transaction. He declined to comment on the development and Everstone did not respond to TOI’s queries at the time of publication. This acquisition underscores the growing appeal of Indian SaaS firms, many of which are attracting global interest for their ability to address business challenges at scale. This transaction aligns with Everstone’s focus on investing in the tech sector, particularly as India strengthens its position as a hub for software development and innovation.
