Singapore-based private equity firm Everstone Capital, along with existing minority shareholders, has infused Rs 1,381 crore (around $150 million) into Wingify, the parent company of experimentation platform VWO, through a rights issue.
Everstone Capital acquired a majority stake in Wingify in a $200 million deal in January 2025, in one of the largest SaaS deals and a major milestone for the bootstrapped startup.
The board at Wingify has allotted 16,08,199 equity shares at an issue price of Rs 8,590 each to raise the above-mentioned sum, according to its filing with the Registrar of Companies (RoC).
Everstone led the round with an investment of Rs 1,250 crore (around $135 million), followed by Vyom Mankekar with Rs 84 crore. The remaining amount was contributed by existing shareholders, including Shivanand Mankekar, Jt. Laxmi Mankekar, Kedar Mankekar, CEO Sparsh Gupta, and others.
The fund infusion comes as Wingify’s VWO and AB Tasty have signed a definitive agreement to merge, aiming to build a scaled digital experience optimization platform with a strong presence in the US and Europe.
Wingify declined to comment on the story.
Founded in 2010, Wingify provides SaaS solutions that help online businesses optimize conversion rates through its proprietary tool, Visual Website Optimizer (VWO).
As of March 31, 2025, Everstone Capital held a 76.84% stake in the company, followed by former co-founder Paras Chopra with 10.45%. Vyom Mankekar and CEO Sparsh Gupta held 5.07% and 4.86%, respectively.
While the full impact of Everstone’s acquisition will reflect in Wingify’s FY26 financial results, the SaaS firm reported a sharp decline in profitability in FY25, with profit dropping over 60% due to an 88% surge in employee benefit expenses. However, its revenue rose 34% to Rs 386 crore during the last fiscal year.
In December last year, Wingify acquired AI-powered user insights startup Blitzllama in an all-cash deal. Following the acquisition, Blitzllama’s capabilities are being integrated into the VWO platform.