Singapore-based private equity firm Everstone Capital has infused Rs 1,381 crore into Wingify through a rights issue by existing minority shareholders, further consolidating its position in the parent company of Visual Website Optimizer (VWO). The capital injection follows Everstone’s majority-stake acquisition of Wingify in January 2025 for about $200 million.
Details of the fundraising
The company allotted 16,08,199 equity shares at an issue price of Rs 8,590 each, according to filings with the Registrar of Companies (RoC). The rights issue raised a total of Rs 1,381 crore.
Everstone led the placement with investments totalling about Rs 1,250 crore (approximately $135 million). Additional subscriptions included Rs 84 crore from investor Vyom Mankekar, with the balance coming from existing shareholders such as Shivanand Mankekar, joint holder Laxmi Mankekar, Kedar Mankekar and Wingify CEO Sparsh Gupta.
Merging VWO with AB Tasty
The fund infusion comes as VWO and French optimisation firm AB Tasty have signed a definitive agreement to merge, creating a scaled digital experience optimisation platform aimed at strengthening footprints in the US and European markets. Wingify declined to comment on the transaction.
Founded in 2010, Wingify develops SaaS tools to help online businesses improve conversion rates, with VWO its flagship product for A/B testing, personalization and experimentation.
Ownership and financial context
As of March 31, 2025, Everstone held a 76.84% stake in Wingify. Former co‑founder Paras Chopra retained 10.45%, while Vyom Mankekar and CEO Sparsh Gupta held 5.07% and 4.86% respectively, according to company disclosures.
Wingify’s FY25 results showed mixed performance: revenue rose 34% to Rs 386 crore, but profitability fell sharply as net profit declined about 60%, driven primarily by an 88% increase in employee benefit expenses. The full financial impact of Everstone’s acquisition and the recent capital infusion is expected to be reflected in Wingify’s FY26 results.
Recent strategic moves
In December 2025, Wingify acquired Blitzllama in an all-cash transaction and has begun integrating Blitzllama’s capabilities into the VWO platform, broadening its product suite for experimentation and optimisation.
