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Wingify’s Paras Chopra eyes India's new tech subsidy to bootstrap new AI venture
Livemint
·
6m ago
Medial
Wingify founder Paras Chopra is seeking government support in accessing subsidized GPUs for developing a foundational AI model through his new venture, Lossfunk. Chopra, using his $200 million from Wingify’s sale, aims to innovate in AI with a focus on creativity, reasoning, and efficiency. He emphasizes strategic investment for breakthrough research. Meanwhile, India’s government is committed to AI growth, balancing policy and innovation, amidst privacy concerns and regulatory challenges in the global AI landscape.
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From bedroom to boardroom: How Wingify bootstrapped its way to success
Livemint
·
6m ago
Medial
Private equity firm Everstone Capital acquired an 80% stake in Indian SaaS startup Wingify, valuing it at approximately $200 million. Founded in 2009 by Paras Chopra and Sparsh Gupta, Wingify established a global presence with over 5,000 enterprise clients. The bootstrapped company saw a 30.8% increase in revenue in 2023-24. Everstone’s acquisition highlights Wingify’s strong profitability and market potential, marking a significant milestone in the Indian SaaS landscape.
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Paras Chopra to launch advanced AI lab in India after $200 Mn exit
Entrackr
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6m ago
Medial
Paras Chopra to Launch Advanced AI Lab in India After $200 Mn Exit Indian entrepreneur Paras Chopra, who recently sold SaaS startup Wingify for $200 million, is now planning to set up a modern AI lab in India. Announcing the development on social media platform X, Chopra stated that he aims to create efficient reasoning models and advanced AI algorithms that can have a global impact. Chopra is assembling a team to prepare a proposal for India’s AI mission and is seeking technical experts to join, either full-time or part-time. However, he has not yet disclosed the name of his next venture. He believes that solving problems in complex domains is crucial for economic growth and that enhancing AI models capable of highly intelligent reasoning could help address some of the world’s most pressing challenges, such as poverty, cancer, and fundamental questions about the universe and human consciousness. Unlike large Western AI labs with massive budgets for GPUs, Chopra’s project will prioritize efficiency. The team will explore innovative methods such as reinforcement learning, distillation, pruning, and neuroscience-based approaches to improve AI performance using limited computational resources. This will mark Chopra’s third startup venture, following Wingify (VWO) and Nintee. While Wingify was acquired by Everstone, Nintee was shut down in April last year. The company, backed by Peak XV, Kunal Shah, and others, returned most of the capital it had raised from investors.
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Ola's Aggarwal sets eyes on AI, semiconductor design
TechCrunch
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2y ago
Medial
Bhavish Aggarwal, co-founder of Ola and Ola Electric, is exploring new avenues including an AI startup focused on language models and scouting U.S. AI startups for acquisition. He's also considering raising over $50 million for the new AI venture and mulling the creation of a semiconductor design firm. Ola leads India's ride-hailing market, while Ola Electric has achieved success in the electric scooter market. Aggarwal's diverse ventures reflect the surge in AI interest and the broader tech economy.
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“Building a successful app is hard today”: failed startup founder
Inshorts
·
1y ago
Medial
Indian digital health startup Nintee shut down on Tuesday. Backed by Peak XV and Cred founder Kunal Shah, Nintee aimed to change habits with cheat codes for health, wealth, and wisdom. Founder Paras Chopra exited citing competition from YouTube and Fortnite. Most funds will be returned to investors. Employees will receive severance and offers to join Wingify, Chopra's other company.
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Wingify reports Rs 61 Cr PAT on Rs 289 Cr revenue in FY24
Entrackr
·
8m ago
Medial
Bootstrapped SaaS firm Wingify has continued its growth journey as its operating scale spiked 30.8% in the fiscal year ending March 2024. Moreover, the firm’s profit also grew 30% YoY in the last fiscal year. Wingify’s revenue from operations increased to Rs 288.61 crore in FY24 from Rs 220.60 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. 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 sale of VWO products was the sole source of its operating collection which grew 30.8% to Rs 288.61 crore in the last fiscal year. Wingify also made Rs 9.98 crore from interest income and other non-operating sources stood at Rs. 2.91 crore. With these incomes, the Pune-based company posted a total revenue of Rs 301.5 crore. The burn on employee benefits accounted for 61.8% of its total cost which grew 16.4% to Rs 136.83 crore during the last fiscal year. Notably, legal expenses shot up 497% to Rs. 38.10 crore. This indicates that the 15-year-old company is either fighting some expensive legal suites or long term investment in legal infrastructure. Advertising costs remained stable at Rs. 14.36 crore whereas other expenses such as information technology (IT), rental et al stood at Rs 32.04 crore. In the end, Wingify’s total expenses rose by 33.5% to Rs 221.33 crore in FY24 as compared to Rs 165.81 crore in FY23. With over 30% spike in its scale, Wingify also managed similar growth in profit after tax (PAT) in the last fiscal year. Its PAT increased 30% YoY to Rs 61.04 crore in FY24 from Rs 46.97 crore in the previous fiscal year. Its ROCE and EBITDA Margin stood at 18.85% and 27% respectively, on a unit basis the company spent Re 0.77 to earn a Rupee of operating revenue in FY24. Wingify reported cash and cash equivalents of Rs. 7.42 crore while bank balance (excluding cash equivalents) stood at Rs. 7.99 crore. Its trade receivables grew Rs 74.09 crore in the fiscal year ending March 2024. Wingify’s founder, Paras Chopra, saw a significant reduction in his annual remuneration last fiscal year which dropped to Rs 1.38 crore in FY24 from Rs 17.95 crore in FY23. However, another co-founder and the firm’s chief executive officer, Sparsh Gupta, withdrew an annual salary of Rs 19.5 crore in FY24. His salary and other remunerations soared almost 3.35X year-on-year. As per TheKredible, Chopra holds a majority stake in the company while Gupta has nearly 5% stake. Wingify’s flagship products compete with a clutch of global players like Optimizely and Google Optimize. The return to 30% growth is notable after a somewhat sedate FY23 when it recorded 16% growth, but the bottomline for Wingify remains the firm’s ability to stay ahead. With pricing options ranging from just over Rs 50K per month to over Rs 150K per month, the firm targets the largest part of the addressable market for its products, as it is. And where the orgs do not use it, their suppliers and service providers probably do. Bootstrapped and zero debt and, Wingify is the alternate vision for Indian software that many propose, of smaller firms that serve the world with smart products and services, rather than the giant behemoths that are seemingly struggling to manage their size, growth or new opportunities.
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Mint Primer | Minimalist and Wingify: deals with a difference
Livemint
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6m ago
Medial
Wingify and Minimalist, two startups, were recently acquired for significant sums, with Wingify bought by Everstone Capital for $200 million and Minimalist by Hindustan Unilever Ltd for nearly ₹3,000 crore. These acquisitions are notable as they highlight successful exits without the typical heavy external funding, allowing founders to retain majority stakes. Wingify founder Paras Chopra and Minimalist founder-brothers Mohit and Rahul Yadav will retain substantial earnings from these deals, underscoring the potential of bootstrapped ventures in wealth generation.
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CRED, Spinny Backer General Catalyst Eyes India’s Venture Highway Buyout
Inc42
·
1y ago
Medial
US-based venture capital fund General Catalyst is reportedly in talks to acquire India's seed-focused venture capital firm Venture Highway. General Catalyst is looking to strengthen its presence in India's startup ecosystem and may consider other Indian VC firms if the Venture Highway deal doesn't happen. This move follows the resignation of Samir Sood, co-founder of Venture Highway. If the acquisition goes through, Venture Highway would operate as the investing arm in India for General Catalyst, focusing on early-stage deals.
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Paras Chopra’s Nintee shuts down, to return investors’ money
Entrackr
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1y ago
Medial
Nintee, a digital health startup launched by Wingify founder Paras Chopra, has announced shutting down its operations after a year of launch. In a blog post, Chopra said that the majority of funding raised by the company is still remaining and will be returned to investors over the next few weeks. Nintee was backed by the likes of Peak XV Partners, Kunal Shah, and others. “Our original hypothesis was to use AI for helping people build better habits to transform their lives. This attracted a passionate niche, but we couldn’t build conviction that it could be a VC-scale business,” said Chopra. After abandoning the initial idea, the firm tried another pivot to explore education and learning related ideas, but Nintee team quickly discovered that building a successful consumer app today is very hard. Nintee has provided four months of severance to the impacted employees and also offered them to join Chopra’s other company VWO at the same salary. Nintee was the third company founded by Chopra after VWO and Wingify. His bootstrapped company Wingify reported back-to-back profits in the past fiscal years. Its revenue from operations increased 16.8% to Rs 223 crore in FY23 with Rs 51 crore profit after tax. Around half a dozen startups operating in India have announced shutting down their operations in the ongoing calendar year so far. The list counts Resso (India), Rario, OKX (India), Muvin and GoldPe. In 2023, more than 15 startups ceased their operations over funding and other challenges.
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Niva Bupa Health Insurance, Paras Healthcare get SEBI nod to float IPOs
YourStory
·
9m ago
Medial
Health insurer Niva Bupa Health Insurance Company and hospital chain Paras Healthcare have received approval from India's Securities and Exchange Board to raise funds through initial public offerings (IPOs). Niva Bupa aims to raise INR3,000 crore ($403m), while Paras Healthcare hopes to raise INR400 crore. The IPOs will involve a combination of fresh issuance of equity shares and offer for sale. The shares of both companies are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange in India.
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30 Startups To Watch: Startups That Caught Our Eyes In July 2024
Inc42
·
1y ago
Medial
In July, only eight startups raised over $1 million in funding, indicating a decrease in the dependence on external capital. Six startups in the cohort were able to bootstrap, while 16 early stage startups raised less than $1 million. This news comes as a boost for the Indian startup ecosystem, with the recent positive developments such as the removal of angel tax and the thawing of the funding winter.
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