Singapore's Everstone Acquires Delhi-based Wingify for ~ $200 Mn

Everstone Capital, a private equity firm headquartered in Singapore, has acquired a majority stake in Wingify, an Indian SaaS company, for approximately $200 million, reported TechCrunch.com

Wingify, founded by Paras Chopra and Sparsh Gupta in 2010, is known for its flagship product, Visual Website Optimizer (VWO), which helps businesses improve their online conversion rates through A/B testing and customer experience optimization.

This acquisition marks a significant milestone for Wingify, which has grown from a two-person startup into a profitable global software provider with over 6,000 clients across 90 countries.

Paras Chopra, owned 71% of the company before the acquisition. He will retain a minority stake and continue to be involved as a board member.

Sparsh Gupta, Sparsh Gupta, who joined Wingify as CEO in 2018, will continue as CEO, while Paras Chopra will retain a minority stake and remain on the board.

Wingify's annualized revenue runrate recently touched $50 million, and its operating scale surged by 30.8% in the fiscal year 2024. Wingify has a global market presence, with clients in the US, Canada, Europe, Australia, Germany, and the Netherlands.

This acquisition highlights Everstone's growing focus on India's technology sector, particularly profitable, bootstrapped companies with global reach. It also underscores the increasing appeal of Indian SaaS firms to global investors.

Sequoia India Acquires Canadian Cosmetics Brand 'Faces' from Everstone Capital for $40M

Sequoia India has signed definitive agreements for the acquisition of Faces Cosmetics Canada, along with its international subsidiaries and the brand “Faces”, from Indivision India Partners managed by Everstone Capital. The existing management team led by Sharmili Rajput will continue to drive the business forward.

Faces is an iconic Canadian Color cosmetics brand set up over 40 years ago with a presence across countries in North America. It was acquired by Indivision India partners in 2007 and launched in India in December 2009.

“The colour cosmetics market is the fastest growing category in personal care and we see a huge opportunity for the Faces brand. The Sequoia team will work with the Faces management to make significant investments and deploy operational expertise to unlock the brand’s full potential, as well as expand its portfolio and reach.” said Abhay Pandey, Managing Director, Sequoia Capital India Advisors.

Faces has a strong presence in India through leading e-commerce sites, over 900 store-in-stores, 2000 general trade stores and 13 EBOs across 80 cities. The new management team took over in 2014 and has helped grow the business rapidly to brand sales of over INR 100 Crores last year. Having successfully established itself as a young, exciting and innovative brand, the company is now looking to invest in a big way in product development, marketing and distribution and take the company to the next level.

“Our aim is to grow our revenue by 5x over the next five years, through strengthening our geographic coverage, deepening our distribution, expanding the portfolio, and extending our iconic brand to adjacent skin care categories,” said Sharmili Rajput, CEO, Faces.

Deep Mishra, MD, Everstone Capital, said: “Over the last three years, the Everstone team has reoriented the brand and product towards India and build a strong local management team. The Product suite has also been adapted to suit the Indian skin tones and points of presence scaled rapidly. The company is now poised for its next leg of growth and is well positioned for success”.

Everstone’s Rajev Shukla, a Unilever veteran, will continue to hold his personal stake in the company.

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