Everstone-backed Wingify looks to expand offerings, eyes $100 mn annual revenue

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Subscribe to enjoy similar stories. Bengaluru/Mumbai: SaaS-based startup Wingify expects to expand its range of offerings to cater to a wider target market, its co-founder Sparsh Gupta said, after private equity firm Everstone Capital bought a majority stake in the software services company last week. "Our next goal would be to clock about $100 million in annual recurring revenue (ARR) over the next couple of years.

This is the best time of our business now and we are looking at a bunch of offerings within our visual website optimiser (VWO)," Gupta told Mint in an interview. The company currently has an ARR of over $50 million. Also Read | Applicant offers over ₹41,000 to get hired at Wingify, netizens say ’super bad pitch’ "We want to offer a suite of products with multiple offerings for different audiences," he said, adding that the company will continue to focus on growth.

With a client base across more than 140 countries, Wingify serves over 3,000 brands globally with about 90% of its revenue coming from the US and Europe. It serves sectors such as enterprise, media travel, BFSI and healthcare. The commentary comes as Singapore-based private equity firm Everstone bought a significant majority stake last week in the startup at a little over $200 million.

DC Advisory was the financial advisor for the transaction. While the terms of the deal were not disclosed, it is largely a secondary transaction with co-founder Paras Chopra and his father paring a big chunk of their stakes, resulting in a majority change of control at Wingify. Also Read | Servify shoots for unicorn tag with $100 million fundraise While this isn't the first buyout of an Indian tech company, experts believe that such transactions encourage venture