Bootstrapped SaaS startup, Wingify, has reported a revenue of Rs 223 crore for the fiscal year ending March 2023.
This marks a 16.8% increase from the previous year's Rs 191 crore. However, the growth wasn't as significant as expected, and the company's profit saw a decline due to increased staffing costs, according to Entrackr's report.
What are key revenue drivers?
Wingify's primary product, the Visual Website Optimizer (VWO), remains its sole revenue source for FY23. This tool aids online businesses in enhancing their conversion rates.
The company boasts a clientele of over 20,000 customers and has a footprint in more than 150 countries. Remarkably, 97% of its revenue is generated from international markets, including the US, Canada, Europe, Australia, Germany, and the Netherlands.
After experiencing robust demand in South Asian countries like Indonesia, Singapore, and Thailand, Wingify, which has been operational for 13 years, is strategizing to broaden its reach in the APAC region and Latin America.
According to an Entrackr report, Employee benefits emerged as the most significant expense for Wingify, accounting for 70.7% of its total costs. This expense saw a 28.3% surge, amounting to Rs 118 crore in FY23, up from Rs 92 crore in FY22.
The company expanded its workforce by 60% in 2022, now employing nearly 400 individuals across India and six other global locations. Other expenses, including legal fees, advertising, and IT, pushed the total expenditure to Rs 167 crore in FY23, a rise from Rs 133.5 crore in FY22.
How much do founders own?
Founder Paras Chopra drew an annual remuneration of Rs 17.95 crore in FY23, while CEO Sparsh Gupta earned Rs 5.82 crore. Chopra retains a majority stake in Wingify, and Gupta holds close to a 5% stake in the Delhi-based enterprise.
Despite the revenue growth, the company's profit declined by 12.1% to Rs 51 crore in FY23 from Rs 58 crore in FY22, primarily due to the increased employee-related costs.