Wingify, a prominent player in the SaaS sector, is set to raise ₹1,381 crore (around $149 million) in a strategic funding round. This initiative is spearheaded by Everstone Capital, which holds a majority stake in the company.
The board of Wingify approved the issuance of approximately 16.1 lakh equity shares at an issue price of ₹8,590 each, as per filings with the Registrar of Companies.
In this funding round, Everstone contributed ₹1,249.7 crore (approximately $135 million) through its subsidiary, Everdoc Pte. Ltd. Additionally, existing investor Vyom Mankekar invested ₹84 crore, with participation from Wingify's CEO Sparsh Gupta and CTO Ankit Jain, along with other shareholders.
This funding announcement comes just three months after Wingify revealed its merger with Paris-based AB Tasty, forming a new entity valued at over $500 million. The merged platform is expected to generate nearly $120 million in revenue and serve around 4,000 customers globally.
Wingify, founded in 2009 by Paras Chopra and Sparsh Gupta, transitioned from a bootstrapped startup to a major player after Everstone acquired a majority stake for $200 million last year. The company's flagship product, VWO, is renowned for its A/B testing capabilities, enabling businesses to optimize user interfaces based on performance metrics.
With a customer base exceeding 3,000 across more than 90 countries, Wingify boasts an annual recurring revenue nearing $60 million, with notable clients including Decathlon, Disney, UNICEF, and Flydubai.
This latest funding round follows Wingify's acquisition of AI startup Blitzllama in December 2022, aimed at enhancing VWO's user research and feedback functionalities.
The SaaS market in India is projected to exceed $70 billion by 2030, attracting significant investment interest, bolstered by increasing AI adoption and digital transformation.
In recent funding news, US-based product design startup Noon raised $44 million, while fintech-focused SaaS startup Uncia secured $3 million from a Hyderabad-based venture capital firm.
