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Wingify’s VWO to merge with AB Tasty; Everstone to infuse fresh capital

EntrackrEntrackr · 5h ago
Wingify’s VWO to merge with AB Tasty; Everstone to infuse fresh capital
Medial

Wingify’s VWO to merge with AB Tasty; Everstone to infuse fresh capital Wingify’s VWO and AB Tasty have signed a definitive agreement to merge their businesses to create a scaled digital experience optimization platform with a strong presence in the US and Europe. According to a press release, the merger will result in a platform with over $100 million in annual recurring revenue and a customer base of more than 4,000 enterprises globally. Nearly 90% of the combined revenue will come from North America and Europe. The company will operate through 11 offices across the US, Europe, Latin America, and the Asia-Pacific region, with a focus on AI-led experimentation, personalization, analytics, and behavioural insights. Singapore-headquartered private equity firm Everstone Capital, which already holds a majority stake in VWO, is leading the transaction and will infuse additional capital to remain the largest institutional shareholder in the merged entity. The firm plans to support further product development and global expansion. The transaction follows a series of strategic moves at VWO and its parent, Wingify, over the past few years. In January 2025, Everstone announced plans to acquire a controlling stake in Wingify for about $200 million. The deal ranks among the largest private equity transactions in India’s SaaS space. Wingify, founded by Paras Chopra, has built a portfolio focused on experimentation and user experience tools. More recently, Wingify acquired AI-powered user research startup Blitzllama to expand into qualitative feedback and voice-of-customer capabilities. These additions strengthen VWO’s core experimentation offerings. On the financial front, Wingify reported a sharp decline of over 60% in profit in FY25, even as revenue rose 34% year-on-year. The results were driven by higher spending on technology, talent, and global expansion. The VWO–AB Tasty combination is expected to further consolidate Wingify’s position in the global digital optimization market.

Wingify profit drops over 60% in FY25; revenue up by 34%

EntrackrEntrackr · 2m ago
Wingify profit drops over 60% in FY25; revenue up by 34%
Medial

Everstone-acquired SaaS platform Wingify has continued its steady growth in the last fiscal year ending March 31, 2025. However, the company saw its profits shrink significantly due to a steep rise in expenses. The company’s operating revenue grew 34% to Rs 386 crore in FY25 from Rs 288 crore in FY24, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). The company offers SaaS solutions to online enterprises, supporting them in optimizing their conversion rates through their proprietary tool known as the Visual Website Optimizer (VWO). Income from the services of VWO was the sole source of its income. Including non-operating income of Rs 15 crore, Wingify’s total income stood at Rs 401 crore in FY25 from Rs 301 crore in FY24. Employee benefit expenses were the company’s largest cost component accounting for 68% of the cost, which rose 88% to Rs 257 crore in FY25 from Rs 137 crore in FY24. Legal and professional charges surged 26% to Rs 48 crore, while advertising expenses rose 57% to Rs 22 crore. Overall, Wingify’s total expenses ballooned 70% to Rs 376 crore in FY25 from Rs 221 crore in FY24. Despite the revenue push, the spike in costs compressed profitability. Wingify’s net profit declined 61% to Rs 24 crore in FY25 from Rs 61 crore in FY24. Its ROCE and EBITDA margin decreased to 7.42% and 3.68% respectively. The company spent Re 0.97 to earn a rupee of operating revenue during the year, up from Re 0.77 in the previous year. Wingify’s current assets stood at Rs 216 crore, including Rs 97 crore in cash and bank balances. In January 2025, Wingify announced in a press release that Singapore-based private equity firm Everstone had acquired the bootstrapped SaaS firm, marking one of the largest transactions in the Indian SaaS ecosystem. Co-founder Paras Chopra will retain a minority stake but step away from operational responsibilities, while co-founder and CEO Sparsh Gupta will hold a significant stake and continue to lead Wingify as its chief executive.

Wingify acquires AI user research startup Blitzllama

EntrackrEntrackr · 1m ago
Wingify acquires AI user research startup Blitzllama
Medial

Wingify, the parent company of experimentation platform VWO, has acquired AI-powered user insights startup Blitzllama in an all-cash deal for an undisclosed amount. Founded in 2021, Blitzllama provides tools that help product and growth teams collect and analyse user feedback in real time. Its platform allows companies to gather in-product responses, review qualitative inputs from surveys and support interactions, and use AI models to summarise themes and sentiment across large datasets. Following the acquisition, Blitzllama’s capabilities will be integrated into the VWO platform. Existing Blitzllama customers will be migrated to VWO, with access to their data and ongoing support retained. Wingify said the integration will allow teams to connect behavioural data from experiments with direct user feedback, helping them understand not just what users do, but why they do it. Blitzllama was part of Y Combinator’s Winter 2022 batch and had raised early funding from 2am VC and other SaaS-focused investors. The startup worked with digital-first businesses across fintech and retail sectors. The deal comes as Wingify continues to scale its global SaaS business. The company reported that its annual recurring revenue is approaching $60 million (Rs 540 crore), driven largely by enterprise customers outside India. The development comes nearly a year after the acquisition of Wingify by Singapore-based private equity firm Everstone. While the impact of Wingify’s acquisition by Everstone will only be visible when the SaaS firm files its FY26 numbers, the company’s profit plunged more than 60% in FY25 due to an 88% increase in employee benefit costs. Its revenue grew 34% to Rs 386 crore during the last fiscal year.

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