Mystifly closes $8 million in pre series B funding
Singapore-based Mystifly, a vertical SaaS and marketplace provider for the airline industry, has announced the conclusion of pre series B funding with Cornerstone Venture Partners (CSVP) bringing the total of this round to $8 million combined with earlier investments from RSI Fund I LLC (a subsidiary of Recruit Co Ltd), Jenfi & Crusade Partners among others.
This investment will help speed up the growth of Mystifly's data and technology capabilities and expand Mystifly’s global footprint, distribution and product offerings, the company said in a statement.
Founded in 2009 by Rajeev Kumar and Bharat Goyal in Bangalore, Mystifly is now headquartered in Singapore since 2015 with a growing team of 250-plus people. The company’s global customers include Priceline, American Express Leisure Travel, JPMorgan Chase, Travel Perk, Kiwi, MakeMyTrip, Paytm, Agoda, EaseMyTrip, Arrivia, and many more.
"We are excited to welcome CSVP as an investor alongside our earlier investor RSI, and Jenfi & Crusade Partners as we expand Mystifly's reach. The pandemic has made us more resilient, and our investment in multi-source search, servicing and payments platform has resulted in a self-onboarding enterprise-level air travel platform for airlines and travel intermediaries. We've rebuilt the digital plumbing lines for airlines and intermediaries, enabling them to adapt to today's e-commerce world," said Kumar.
“We have seen technology transformations across multiple sectors in the last decade, but for the travel industry. Today it is ripe for disruption as air travel becomes more pervasive and consumers seek specific personalised solutions. Mystifly is leading this change and empowering intermediaries to be digital first while also offering enhanced attributes to make consumer’s decision-making easier. Through the pandemic, the company built various solutions for multiple stakeholders proving to be an anti-fragile business, well positioned to scale from here on. We truly believe in the potential of the platform and are excited to be on the growth journey with Rajeev and Bharat,” added Nanika Kakkar, Investment Director, CSVP Fund.
Mystifly enables Online Travel Agencies (OTAs), and travel intermediaries to access a vast inventory of airfares (with or without commercial agreements with airlines), including LCC (Low-Cost Carriers), NDC (New Distribution Capabilities) (and GDSs (Global Distribution Systems) while also offering airlines an alternative distribution and payments reconciliation and settlement platform.