Wingify Shows Growth Despite Profit Decline After Everstone Acquisition
Wingify, the SaaS platform acquired by Everstone, has maintained consistent growth in the fiscal year ending March 31, 2025. Nevertheless, profits decreased markedly as a result of a sharp increase in expenses.
According to its consolidated financial statement from the Registrar of Companies (RoC), the company’s operating revenue rose by 34% to Rs 386 crore in FY25, up from Rs 288 crore in FY24.
Wingify provides SaaS solutions for online companies, assisting them in enhancing their conversion rates through its unique tool, the Visual Website Optimizer (VWO). Revenue from VWO services represented the entirety of its income.
With the addition of Rs 15 crore in non-operating income, Wingify’s total income reached Rs 401 crore in FY25, compared to Rs 301 crore in FY24.
Employee-related costs made up the largest portion of the company’s expenses, constituting 68% of total costs and rising by 88% to Rs 257 crore in FY25 from Rs 137 crore in FY24. Legal and professional fees increased by 26% to reach Rs 48 crore, while advertising costs surged by 57% to Rs 22 crore.
In total, Wingify’s annual expenses surged by 70% to Rs 376 crore in FY25, up from Rs 221 crore in FY24. For a more thorough breakdown of expenses, further sources can be consulted.
Despite the revenue boost, the rise in expenses significantly impacted profitability. Wingify’s net profit fell by 61% to Rs 24 crore in FY25 from Rs 61 crore in FY24. Its ROCE and EBITDA margins decreased to 7.42% and 3.68% respectively.
This year, Wingify incurred Re 0.97 to gain every rupee of operating revenue, a rise from Re 0.77 in the previous fiscal year. The company’s current assets totaled Rs 216 crore, which included Rs 97 crore in cash and bank balances.
In January 2025, Wingify confirmed in a press statement that Singapore-based private equity firm Everstone had acquired the bootstrapped SaaS company, marking one of the largest transactions within the Indian SaaS sector. Reports indicate that Everstone is taking a majority stake in the Delhi-based firm.
Co-founder Paras Chopra will maintain a minority stake yet step back from day-to-day operational duties, while co-founder and CEO Sparsh Gupta will hold a significant stake and continue overseeing Wingify as its chief executive.