Bootstrapped startup Wingify reocorded a profit of Rs 51 crore in FY21
- ByStartupStory | May 30, 2022
With the likes of Zoho, WebEngage, and Wingify driving their expansion with profit, Indian SaaS firms have led from the front in achieving sustainable growth at scale despite being bootstrapped. Wingify, which is twelve years old, has grown profitably over the last three fiscal years, reporting a profit of Rs 51.5 crore for FY21, a 28% increase over the previous fiscal’s profit of Rs 40.24 crore. (FY20).
Delhi-based Wingify, through an internally built application, Visual Website Optimiser, offers SaaS tools to online businesses for conversion rate optimization (CRO) (VWO). The company has approximately 4,000 clients in ninety countries, including global business titans such as Ubisoft, eBay, Target, and Virgin Holidays, among others. Wingify’s income remained constant at Rs 154.7 crore in FY21, gaining barely 0.2 percent from Rs 154.4 crore collected in FY20 because to Covid 19 interruptions. Importantly, it received 98.7% of its revenue from international consumers, raking in Rs 152.71 crore ($19.82 million) in foreign currency (including interest and dividends).
Using local software development expertise to service clients all over the world has been critical for businesses in the Indian SaaS industry, and wages have inevitably remained their top expense. This is also obvious on Wingify’s expense sheet, where employee benefit payments account for 71% of total yearly expenditure. These expenses increased by 15.8 percent to Rs 71.71 crore in FY21, up from Rs 61.93 crore in FY20. While overall revenue growth was hampered during FY20-21, Wingify concentrated on lowering total expenses in order to enhance profits. As a result, the firm instituted cost controls to guarantee that spending were under control.
The firm was founded in 2010 by Paras Chopra and had planned to increase its physical presence and relocate to a larger location at the beginning of 2020, however this was postponed because to the global pandemic. Wingify’s Chairperson Paras Chopra and CEO Sparsh Gupta eventually declared the company’s remote-first strategy in an internal email in July 2020.
Follow Startup Story
Related Posts
