Everstone Capital Strengthens Wingify with Major Investment

Everstone Capital, a private equity firm based in Singapore, has made a substantial investment of Rs 1,381 crore (approximately $150 million) into Wingify, the parent company of VWO, through a rights issue. This notable funding comes after Everstone Capital obtained a majority interest in Wingify via a $200 million transaction in January 2025, marking it as one of the largest SaaS transactions and a significant achievement for the bootstrapped company.

Investment Details

According to the company’s filing with the Registrar of Companies (RoC), the board at Wingify has issued 16,08,199 equity shares at an issue price of Rs 8,590 each to facilitate this funding. Everstone led this financing round, contributing Rs 1,250 crore (around $135 million). Vyom Mankekar also participated with an investment of Rs 84 crore. Additional funding was provided by existing minority shareholders, including Shivanand Mankekar, Jt. Laxmi Mankekar, Kedar Mankekar, CEO Sparsh Gupta, among others.

Strategic Mergers

The financial infusion coincides with the merger agreement between Wingify’s VWO and AB Tasty. This merger aims to create a comprehensive digital experience optimization platform, enhancing their market presence across the US and Europe. Wingify has opted not to comment on the details of this story.

About Wingify

Founded in 2010, Wingify offers Software as a Service (SaaS) solutions that assist online businesses in improving conversion rates through its unique tool, Visual Website Optimizer (VWO). As of March 31, 2025, Everstone Capital holds a 76.84% stake in Wingify, followed by former co-founder Paras Chopra with a 10.45% share. Vyom Mankekar and CEO Sparsh Gupta retain 5.07% and 4.86% stakes, respectively.

Financial Performance

While the ramifications of Everstone’s acquisition are expected to be visible in Wingify’s financial results for FY26, the SaaS company reported a significant reduction in profitability for FY25. Profitability decreased by over 60% attributed to an 88% increase in employee benefit expenses. Nonetheless, Wingify experienced a revenue growth of 34%, reaching Rs 386 crore during the prior fiscal year.

Recent Acquisition

In December of the previous year, Wingify expanded its capabilities by acquiring the AI-powered user insights startup Blitzllama for an all-cash transaction. This acquisition is aimed at integrating Blitzllama’s features into the VWO platform.