AZB & Partners has advised Singapore-based private equity firm Everstone Capital on its acquisition of 80 percent stake in Wingify, a bootstrapped SaaS company based in New Delhi, for $200 million.

Wingify is globally known for its marketing technology SaaS product, VWO. “The partnership includes a significant investment aimed at accelerating VWO’s product innovation and international growth. This highlights Everstone’s focus on supporting two key technology sectors: SaaS and marketing technology across India and Southeast Asia,” Everstone said in a statement. 

The deal comes just days after Hindustan Unilever acquired another bootstrapped brand, Minimalist, for $350 million, with Cyril Amarchand Mangaldas, Trilegal, Khaitan & Co, and IndusLaw handling the legal matters. 

Market consolidation is expected to drive the M&A market in India as companies pursue inorganic growth to justify frothing valuations. 

This year began with JSW Energy announcing a $1.47 billion acquisition of 4,696 MW renewable energy platform O2 Power from Temasek and EQT Infrastructure. Khaitan & Co, Herbert Smith Freehills, Trilegal and A&O Shearman acted on the deal. 

The deal team from AZB comprised senior partner Anil Kasturi, partner Anisha Shridhar, senior associate Rohit Dutta, and associates Nishita Agrawal, Vidit Parmar, Shivangi Bhardwaj, and Sahil Aggarwal, with partner Toshit Shandilya providing support on competition law aspects.

Trilegal’s deal team was led by partners Amit Khansaheb and Nikhil Sachdeva, and included counsel Mayank Malhotra, senior associate Devyani Chugh and associates Tvisha Dikshit, Philip Ashok Alex, Pallov Upadhyay, and Siddharth Sankar Pattnaik.

The Trilegal labour and employment team was led by partner Apeksha Mattoo, which included counsel Rina Goyal and associate Maitreya Sharma. Additionally, the Trilegal TMT team was led by partner Jyotsna Jayaram, with senior associate Prabal De and associate Padmavathi Prasad as part of the team.