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Singapore-based private equity firm Everstone Capital has bought a majority stake in the software-as-a-service (SaaS) company Wingify for $300 million.
Wingify, based in New Delhi, was founded in 2010 by Paras Chopra and Sparsh Gupta. The company mainly sells its software solutions to customers in developed markets like the US and Europe.
Chopra will stay on as a shareholder and remain on the company's board. Other senior leaders at Wingify will also keep a significant stake in the company.
Chopra, who previously owned about 71% of Wingify, will keep a smaller stake after the transaction.
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“I am confident that Sparsh and the Everstone team possess the expertise and vision to lead the business through its next phase of success. I look forward to remaining involved as a shareholder and board member, providing guidance and support to ensure the company's continued achievements,” said Chopra.
This acquisition highlights the increasing interest in Indian SaaS companies, many of which are gaining global attention for their ability to solve business challenges on a large scale. The deal fits with Everstone's focus on investing in the tech sector, especially as India becomes a key hub for software development and innovation.
About Everstone
Everstone, with a fund size of over $2 billion, focuses on markets in India and Southeast Asia. It invests in mid-market, control growth and cross-border opportunities across sectors like technology services, healthcare, consumer goods, financial services and industrials.
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