Wingify’s FY25 Revenues Increase, But Profits Crash after Everstone Takeover

The SaaS company that created VWO reported robust revenue growth in FY25, but after Everstone acquired it, its profitability was severely damaged by skyrocketing expenses.

During the most recent fiscal year, which concluded on March 31, 2025, Wingify, a SaaS platform that Everstone purchased, continued to grow steadily. However, a sharp increase in costs caused the company's profitability to drastically decline.

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. With non-operating income of Rs. 15 crore, Wingify's total revenue climbed from Rs. 301 crore in FY24 to Rs. 401 crore in FY25.

The company's biggest cost component, employee benefit expenses, accounted for 68% of the total cost, which increased 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 total expenses rose by 70% from Rs. 221 crore in FY24 to Rs. 376 crore in FY25. See TheKredible for a more thorough breakdown of expenses. Despite an increase in revenue, the rise in expenses decreased profitability. Wingify's net profit decreased by 61%, from Rs. 61 crore in FY24 to Rs. 24 crore in FY25. It’s ROCE and EBITDA margin both fell to 7.42% and 3.68%, respectively.

Over the course of the year, the company's operating revenue increased from Re 0.77 to Re 0.97. Wingify's current assets were estimated at Rs. 216 crore, with cash and bank balances of Rs. 97 crore.

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 stake and continue to serve as Wingify's CEO, co-founder Paras Chopra will maintain a minority stake but relinquish operational duties.