Everstone’s acquisition of Wingify to accelerate go-to-market strategy in US, Europe: MD
Everstone Capital has acquired majority stake in technology start-up Wingify for $300 million and the company has said that the transaction will accelerate Wingify’s go-to-market strategy in the US and Europe.
This will also enable Wingify to make investments in product and platform development while also enhancing its ability to pursue future acquisitions, it said.
Speaking to businessline, Sandeep Singh, Managing Director, Everstone Capital and Sparsh Gupta, Co- Founder and CEO, Wingify said, “Together, these advancements will strengthen the company’s market position and growth potential.”
“Wingify is at the leading edge of integrating generative artificial intelligence (AI) into its products. The majority purchase will allow the company to continue making strategic investments in AI, unlocking new opportunities for innovation,” they said.
Wingify has a dedicated team of around 400 employees and the company will continue to operate as an independently run company, ensuring continuity and focus, they added.
Meanwhile, Paras Chopra, founder of Wingify, who has exited the company, told businessline, “I have exited Wingify because I had been reducing my day-to-day involvement from the time I transitioned my role from CEO to Chairman. I felt it was now the right time to bring in a partner and found Everstone to be a fantastic team for that.”
When asked about his future plans, he said that nothing changes for him and as always he was more excited by projects, ideas and knowledge than money ‘which is a means to an end, not an end in itself’.
“I plan to double down on my passion: AI. The idea is to put India on the world map of AI research. We lag behind US and China currently, so aim to put my efforts to catch up and go beyond,” Chopra said.
Asked whether it was a good model for other startups where founders own majority share and run the company instead of diluting shareholding, he agreed and said, “If founders can delay raising capital without impacting company’s growth. Financially, they’ll always have a better outcome.”
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