Everstone Invests in Wingify to Boost SaaS Growth

Singapore-based private equity firm Everstone Capital, acquires a majority stake in Wingify, a leading global provider of marketing technology SaaS product, VWO. The partnership includes a significant investment aimed at accelerating VWO’s product innovation and international growth. This highlights Everstone’s focus on supporting two key technology sectors: SaaS and marketing technology across India and Southeast Asia. VWO, with its established global go-to-market capabilities, strong profitability, and technological leadership, presents an ideal partnership opportunity. 

“Wingify is among a select set of highly profitable, software companies emerging out of India that have carved a leading position globally. 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.” said Sandeep Singh, Managing Director, Everstone Capital. 

Co-founder & CEO, Sparsh Gupta and the leadership team will continue to hold a substantial equity stake in Wingify, retaining a majority of their shareholding to collaborate with Everstone in driving the company’s next phase of growth. “We are confident that our partnership with Everstone will enable us to accelerate our expansion plans and further strengthen our global footprint. This paves the way for us to scale new heights in innovation and market reach.” said Sparsh. 

Paras Chopra, Founder of Wingify, will continue to be a shareholder and remain on the board of the company. “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.” said Paras. 

This investment marks one of the most prominent software buyouts in India, underscoring Everstone's confidence in the country's thriving technology sector. Wingify is among a select few, India-bred SaaS companies that have achieved reasonable scale, with over $50M in ARR, attractive margins, and high profitability. The firm has a considerable global market presence, with the US and Europe accounting for ~90% of revenue. 

“The technology sector in general, and the software space in particular, are key components of our private equity investment strategy. Wingify adds to the formidable technology franchise at Everstone Capital which has spanned investments in multiple sub sectors including tech enabled business services (Omega, Everise, MediaMint), digital engineering (Apexon, C Prime) and software (Acqueon).” said Avnish Mehra, Vice Chairman, head of private equity at Everstone Capital.