Mystifly Closes $8M in Pre Series B Funding
SINGAPORE, March 24, 2023
SINGAPORE, March 24, 2023 /PRNewswire/ -- Singapore-based Mystifly, a leading vertical SaaS & marketplace provider for the airline industry announced today the conclusion of Pre Series B funding with CSVP (Cornerstone Venture Partners) 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.
Mystifly's API first, innovative SaaS and marketplace platform for all stakeholders in the travel distribution value chain. It 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. Over 20M air travel bookings have been booked and settled through the platform.
The platform enables its B2B customers to offer personalized travel, changing the competitive parameters to way beyond price creating an industry-transforming air retailing experience to travelers. Shopping based on attributes helps airlines position themselves better and empowers customers to make more informed decisions. Mystifly is also paving the way to democratize air travel sales allowing any business to build an 'embedded travel' integration for their captive audience.
"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 & 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 & intermediaries, enabling them to adapt to today's e-commerce world." - Rajeev Kumar, Founder and CEO of Mystifly. This investment will help speed up the growth of Mystifly's data and technology capabilities and expand Mystifly's global footprint, distribution & product offerings.
With this Pre-series B funding, Mystifly plans to extend the market reach of its SaaS products and services. The company is poised for growth and looks forward to delivering even greater value to its customers and partners. The leadership team comprises co-founders Rajeev Kumar and Bharat Goyal.
Mystifly was founded in Bangalore and is now headquartered in Singapore since 2015 with a growing team of 250+ people. The company's global customers include names such as Priceline, American Express Leisure Travel, JPMorgan Chase, Travel Perk, Kiwi, MakeMyTrip, Paytm, Agoda, EaseMyTrip, Arrivia, and many more.
Nanika Kakkar, Investment Director, CSVP Fund shared, "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 personalized 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."
Cornerstone Venture Partners Fund (CSVP Fund) is India's frontier Enterprise SaaS fund investing in highly scalable SaaS products with the potential to transform Enterprises. Investments that enable meaningful business impact on a global scale. Businesses with high capital efficiency and strong resilience to macroeconomic shocks. They scale basis recurring revenue models that enable stickiness and better value realization per customer. The investments are in software businesses catering to enterprise users, across financial services, retail, logistics, healthcare, and select sector-agnostic opportunities.
Founded in 2009, Singapore-based Mystifly is a global Vertical B2B SaaS leader in airline retailing envisioned to bring a positive difference in the experience that its travel intermediary customers provide to their end travellers. The company offers multi-source shopping that unifies airline offers, order management and payments on a single platform enabling offer discovery, ticket order management, ancillary sales, post-booking services and payments for over 700 airlines including 200+ Low-Cost Airlines, airlines moving to New Distribution and traditional full-service Airlines. Mystifly is the new operating system for existing or new businesses to start or grow their travel business globally. Mystifly's suite of products empowers over 3000 clients globally with offices in Singapore, UK, the USA, and India.
Its customers include online travel agencies, loyalty programs, e-commerce platforms, fintechs, travel management companies, travel agencies, concierge businesses, wholesalers, and aggregators. Certified by IATA as an Airline Retailing Maturity Index Aggregator, Mystifly offers a multi-source self-onboarding SaaS platform that combines Low Cost, Traditional GDS Distribution & NDC-aligned tech stacks for businesses of every size.
The company's payment platform MystiPay won the best new B2B Travel Program at the Discover & Diners Global Commercial Payments Summit in March 2023 and is also the winner of WTA world's leading consolidator award for their marketplace platform ASRHub in 2019, 2018, 2017, 2016 & 2015. To know more, visit, https://mystifly.com/
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