Wingify, a SaaS platform acquired by Everstone, continues to develop steadily during the most recent fiscal year that ended on March 31, 2025. However, a sharp increase in costs caused the company's profitability to drastically decline.
Key Highlights
- Wingify saw its profit collapse by over 60% in FY25, despite significant revenue growth.
- The company surged revenue to ₹386 Cr but couldn’t prevent a steep decline in profitability.
According to the company's consolidated financial statement obtained from the Registrar of Companies (RoC), operating revenue increased 34% to Rs 386 crore in FY25 from Rs 288 crore in FY24.
With its own tool, the Visual Website Optimizer (VWO), the company helps online businesses optimize their conversion rates by providing SaaS solutions. Its only source of revenue was from VWO's services.
Wingify's overall revenue increased from Rs 301 crore in FY24 to Rs 401 crore in FY25, including non-operating income of Rs 15 crore.
The company's main cost component, employee benefit expenses, accounted for 68% of the total cost, which increased by 88% to Rs 257 crore in FY25 from Rs 137 crore in FY24. Advertising costs increased by 57% to Rs 22 crore, while legal and professional fees increased by 26% to Rs 48 crore.
Wingify's overall costs increased from Rs 221 crore in FY24 to Rs 376 crore in FY25, a 70% increase. See TheKredible for a more thorough breakdown of expenses.
The increase in expenses reduced profitability despite the increase in revenue. From Rs 61 crore in FY24 to Rs 24 crore in FY25, Wingify's net profit dropped by 61%. Both its EBITDA margin and ROCE dropped to 3.68% and 7.42%, respectively.
Over the course of the year, the company's operating revenue increased from Re 0.77 to Re 0.97. With Rs 97 crore in cash and bank balances, Wingify's current assets were Rs 216 crore.
Also Read: IFC Invests $60 Mn in Everstone Capital's Private Equity Fund V
One of the biggest deals in the Indian SaaS market occurred when Wingify announced in a press release in January 2025 that the bootstrapped SaaS company had been bought by Singapore-based private equity firm Everstone. Sources claim that Everstone is purchasing the majority of the Delhi-based business.
While co-founder and CEO Sparsh Gupta will hold a sizable investment and continue to serve as Wingify's top executive, co-founder Paras Chopra will maintain a minority stake but relinquish operational duties.
