May 29, 2023

News Stories from the Digital World

Mystifly raises $8 million ahead of Series B funding

Singapore-based Mystifly, a vertical SaaS and marketplace provider for the airline industry, has concluded its “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, a subsidiary of Recruit, 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 and travel intermediaries to access a vast inventory of airfares, with or without commercial agreements with airlines, including low-cost carriers, new distribution capabilities and global distribution systems, while also offering airlines an alternative distribution and payments reconciliation and settlement platform.

More than 20 million 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.

Rajeev Kumar, founder and CEO of Mystifly, says: “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.”

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.

With this Pre-series B funding, Mystifly plans to extend the market reach of its SaaS products and services.

The company says it 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, says: “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.”