Private equity firm Everstone has reached a deal to acquire a majority stake in Wingify, one of India's earliest homegrown software-as-a-service success stories, for approximately $200 million, the company said in a statement. Three sources with knowledge of the matter told TechCrunch.
The deal, which closed this week, marks a significant exit for Wingify founder Paras Chopra, who has built the SaaS startup without outside funding since its founding in 2010.
Delhi-based Wingify has grown from a two-man startup to a profitable global software provider with over 6,000 clients. Its flagship product, Visual Website Optimizer (VWO), helps businesses increase online conversion rates through A/B testing and customer experience optimization.
The startup's annual revenue run rate recently reached $50 million.
Mr. Chopra owned 71% of Windify before the deal and plans to retain a minority stake in the company, one of the people said. WingFi and Everstone did not immediately respond to requests for comment.
Wingify serves more than 6,000 clients in 90 countries and competes with global players such as Optimizely and Bloomreach. Wingify's product suite is priced based on visitor volume, from a free tier for up to 50,000 visitors to a $70,000 enterprise plan.
This acquisition further strengthens Everstone's growing technology portfolio. Private equity firms are actively investing in India's technology sector, seeing opportunities in profitable bootstrapped companies with global reach.