Everstone Capital is redrawing its investment playbook, placing a calculated bet on India’s ability to produce globally competitive software platforms while continuing to expand in healthcare, a sector offering steady cash flows and structural demand.
The private equity firm’s latest move, a $150 million capital infusion into Delhi-based Wingify, signals more than just growth funding. It reflects a deliberate attempt to transform a profitable, founder-led business into a cross-border enterprise software platform through consolidation.
Wingify, best known for its conversion optimization suite VWO, spent over a decade building its business without external capital, an anomaly in India’s venture-heavy startup ecosystem. That changed in early 2025 when Everstone acquired a controlling stake of roughly 80 percent in a deal valued at about $200 million.
The new round of funding is designed to finance Wingify’s merger with Paris-based AB Tasty, a direct competitor in the digital experience optimization space. The combined entity is expected to reach a valuation of around $500 million, positioning it to compete more aggressively with global incumbents such as Adobe and Optimizely.
The transaction illustrates a broader shift underway in India’s software sector. Rather than building in isolation, companies are increasingly pursuing cross-border mergers to gain scale, access enterprise clients, and accelerate product development. For Everstone, the strategy aligns with a broader thesis that India’s SaaS firms are entering a phase in which global consolidation is both viable and necessary.
At the same time, the firm is reinforcing its presence in healthcare, a sector that has become a cornerstone of many private equity portfolios in India. Everstone is currently in discussions to acquire a majority stake in Aakash Healthcare, a Delhi-based hospital chain valued at approximately ₹2,000 crore (about $220 million).
If completed, the deal would add to Everstone’s existing healthcare investments, including Sahyadri Hospitals and Omega Healthcare, both of which operate in segments benefiting from rising demand, improving insurance penetration, and a gradual shift toward organized care providers.
What ties these investments together is Everstone’s increasing preference for control. Unlike traditional minority-growth capital strategies, the firm is taking majority stakes that allow it to influence operational decisions, pursue mergers, and set the strategic direction.
This approach is visible across its broader portfolio, which includes consumer-facing brands such as Burger King in India and Indonesia, as well as Sula Vineyards and Calibre Chemicals. In each case, Everstone has focused on scaling businesses with strong underlying cash flows and identifiable expansion levers.
The Wingify deal, however, marks a more ambitious evolution. By backing an international merger, Everstone is moving beyond domestic value creation toward building globally relevant platforms anchored in India. The success of the Wingify and AB Tasty integration will be closely watched as a test of whether Indian SaaS firms can compete not just on cost, but on capability and scale.
For private equity investors, the stakes are clear. As enterprise software spending continues to grow worldwide, the ability to build or consolidate category leaders could offer outsized returns. Everstone’s latest moves suggest it intends to be at the forefront of that shift.
