Everstone Acquires Delhi-Based Startup Wingify for $200 mn

Wingify, a Delhi-based SaaS startup, has been acquired by private equity firm Everstone for $200 million (approx 1,600 crores INR). Paras Chopra, founder and chairman of Wingify, confirmed the acquisition in an exclusive interaction with AIM. 

Visual Website Optimizer (VWO), a Wingify software product, helps companies enhance the user experience and increase conversion rates. The company claims that it is used by over 2,500 brands in 90+ countries, having notable clients including Ubisoft, Dominos, Target, and eBay. 

Everstone, headquartered in Singapore, is an investment firm that specialises in private equity, climate impact, logistics, digital infrastructure, and venture capital. Everstone portfolio includes over $7 bn in assets. 

According to Entrackr, Wingify recorded a revenue of Rs 288.61 crore in FY24, up from Rs 220.60 crore in 2023. Chopra reportedly owns nearly 71% of the company’s stakes. 

With a background in machine learning, Chopra founded Wingify in early 2009. He graduated from Delhi College of Engineering and is also the founder of Turing’s Dream, an AI hack house in Bengaluru that enables budding engineers to bring their ideas to life. Chopra also offers free cloud GPUs powered by the E2E Network, which costs $2,500 per participant, and access to a network of AI researchers, his peers, and investors.

Chopra is an enthusiast for AI and large language models (LLMs). His projects, Blueberry and Tofu, explain the reasoning and creativity involved in LLMs. Expressing his future interest, he said he would like to fund a product that tracks research work published by Indian teams. 

Also, commenting on the recent debate about whether India needs to build a foundational AI model or focus only on use cases, Chopra said, “Many AI labs in India focus on local problems, similar to those faced by Indian companies. But the internet has no boundaries, so why not aim to be world-class?” He encouraged founders to specialise in niches but to strive to be ‘SOTA’ (state-of-the-art) in those areas.

He also told AIM that if India is to build a foundational model, entrepreneurs and researchers should work on it instead of a big company. “Top-down support makes sense once we have bottom-up potential,” he added.