Wingify, a bootstrapped SaaS enterprise, marked a strong performance in FY24, with its operating revenue increasing by 30.8% to Rs 288.61 crore, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). The Pune-based company reported a profit after tax (PAT) of Rs 61.04 crore, reflecting a 30% year-on-year growth.
The company specializes in SaaS solutions, particularly its flagship product, Visual Website Optimizer (VWO), which aids online businesses in improving conversion rates. Revenue from the sale of VWO products accounted for the entirety of its operational income. Additional income streams, including Rs 9.98 crore from interest income and Rs 2.91 crore from other non-operating sources, brought Wingify’s total revenue to Rs 301.5 crore for FY24.
On the expenditure side, employee benefits remained the largest cost driver, consuming 61.8% of the company’s total expenses, which rose by 16.4% to Rs 136.83 crore. Legal expenses saw a sharp rise, surging by 497% to Rs 38.10 crore, hinting at either substantial legal challenges or significant investment in legal infrastructure. Other operational costs, such as IT and rentals, totaled Rs 32.04 crore, while advertising expenses held steady at Rs 14.36 crore. Wingify’s overall expenses grew 33.5% to Rs 221.33 crore in FY24.
Despite these increased costs, Wingify maintained strong profitability metrics, with a return on capital employed (ROCE) of 18.85% and an EBITDA margin of 27%. For every rupee of operational revenue earned, the company spent just Re 0.77 in FY24. The company reported cash and cash equivalents of Rs 7.42 crore, with trade receivables growing to Rs 74.09 crore by the fiscal year’s end.
In terms of leadership, co-founder and CEO Sparsh Gupta received an annual remuneration of Rs 19.5 crore in FY24, marking a significant increase from the previous year. Meanwhile, founder Paras Chopra’s remuneration dropped considerably to Rs 1.38 crore. Chopra remains the majority stakeholder, with Gupta holding approximately 5% of the company’s equity.
Wingify competes with global players like Optimizely and Google Optimize. With pricing options starting at Rs 50,000 per month, the company targets a broad customer base, ensuring relevance across various industries. Its robust growth after a modest FY23 performance underscores the resilience and efficiency of its bootstrapped, zero-debt business model.
Wingify represents a scalable, sustainable vision for Indian SaaS companies, showcasing how smaller, agile firms can create impactful solutions for global markets without relying on external funding or massive organizational structures.