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Wingify's no-VC SaaS bet: Everstone pays $200M for a majority, VWO merges with ABTasty
Delhi's Wingify stayed bootstrapped and profitable selling VWO A/B testing; Everstone paid ~$200M for majority control in 2025, then merged it with ABTasty.
Wingify
What the business is
Delhi-based SaaS company whose flagship product, VWO (Visual Website Optimizer), helps online businesses raise conversions through A/B testing and customer-experience optimization.
How it started
Paras Chopra founded Wingify in 2010 and built it without raising any external funding since inception; Sparsh Gupta joined as co-founder and CEO. The company was profitable from early on, selling website-optimization software from Delhi to customers mostly outside India.
What happened
VWO grew from a two-person product into a profitable global provider with over 6,000 clients in 90 countries, competing with Optimizely and Bloomreach. OfficeChai put FY24 revenue at $36.4M (₹300 crore) with $7.37M (₹60 crore) net profit and 429 employees; by January 2025 TechCrunch reported annualized revenue near $50M, about 90% of it from the US and Europe.
How it ended up
Everstone Capital agreed in January 2025 to acquire a majority stake for about $200M in one of India's most notable SaaS buyouts. Chopra, who owned 71%, kept a minority stake and a board seat; Gupta and the leadership team retained a significant stake, with Gupta staying CEO. In January 2026 Everstone merged Wingify with France's ABTasty, creating a digital-experience company with more than $100M in annual revenue, Gupta as CEO of the combined business.
Background
Wingify was founded in 2010 by Paras Chopra in Delhi as a two-person software company and never raised external capital. Its flagship product, VWO (Visual Website Optimizer), sells A/B testing and conversion-rate optimization to online businesses, priced by visitor volume from a free tier to $70,000 enterprise plans.
The company was profitable from inception and grew into one of India's first bootstrapped SaaS success stories: over 6,000 clients across 90 countries, annualized revenue that reached about $50 million by January 2025, and roughly 90% of revenue from the US and Europe. OfficeChai reported FY24 revenue of $36.4 million (₹300 crore) with $7.37 million (₹60 crore) in net profit.
In January 2025, Singapore-headquartered private equity firm Everstone Capital agreed to buy a majority stake for about $200 million. Chopra, who owned 71% of the company before the deal, kept a minority stake and a board seat, while co-founder and CEO Sparsh Gupta and the leadership team retained significant equity and continued running the business.
A year later Everstone combined Wingify with France's ABTasty, which counted L'Oréal and Samsonite among its customers. TechCrunch reported the merged business would serve more than 4,000 customers with over $100 million in annual revenue, headquarters in New Delhi, close to 800 employees, and Gupta as CEO — a PE-platform ending for a company that never took a venture dollar.
What has to be true
- Pricing by visitor volume with a generous free tier let VWO sell to the long tail of online businesses that enterprise A/B testing vendors ignored.
- Never raising money removed dilution and board pressure, so the founders could reinvest profit at their own pace for 15 years.
- US and European markets provided hard currency and 90% of revenue, proving an Indian-bootstrapped SaaS could compete globally.
- Consistent profitability made Wingify attractive to a private equity firm looking for cash-generative, founder-built assets.
- The ABTasty merger shows what a buyer can do with a profitable bootstrapped company: combine it with a rival and scale the platform.
What can be applied
Profitability is a license to choose your buyer: a cash-generative, no-VC company can hold out for a control deal and a platform outcome instead of selling under pressure.
Aftermath
As of January 20, 2026, Wingify's VWO is merging with France's ABTasty under Everstone, still the largest institutional shareholder. Sparsh Gupta leads the combined company as CEO from New Delhi, with co-founder Ankit Jain as chief product and technology officer and ABTasty's founders in senior commercial roles. TechCrunch put combined revenue above $100 million, with roughly 4,000 customers, close to 800 employees across 11 offices and no planned layoffs. Paras Chopra, who made his significant exit in January 2025, had already moved on to independent AI research and a new AI lab in India.
Sources
- Everstone acquires bootstrapped Indian startup Wingify for $200M
- Everstone Capital acquires majority stake in SaaS startup Wingify for $200M
- [Update] Everstone Acquires Bootstrapped SaaS Major Wingify For $200 Mn
- Everstone combines Wingify and ABTasty for $100M+ digital experience optimization platform
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