Singapore-based travel technology company Mystifly, announced Friday it has closed $8 million in Pre Series B funding.
The funding was from Cornerstone Venture Partners (CSVP), along with earlier investments from RSI Fund I. LLC, a subsidiary of Recruit Co. Ltd., Jenfi and Crusade Partners, Mystifly said in a statement.
Mystifly aims to deploy these funds to expand its presence in Singapore.
With this Pre-series B funding, Mystifly plans to extend the market reach of its software as a service (SaaS) products and services.
The company said it is poised for growth and looks forward to delivering even greater value to its customers and partners.
“We are excited to welcome CSVP as an investor alongside our earlier investor RSI, and Jenfi & Crusade Partners as we expand Mystifly’s reach,” said Rajeev Kumar, Founder and Chief Executive Officer of Mystifly.
He said that the pandemic has made the firm more resilient, and its investment in multi-source search, servicing & payments platform has resulted in a self-onboarding enterprise-level air travel platform for airlines and travel intermediaries.
He also said the firm has rebuilt the digital plumbing lines for airlines and intermediaries, enabling them to adapt to today’s e-commerce world.
According to him, 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.
Mystifly is a vertical SaaS and marketplace provider for the airline industry founded in Bangalore.
The firm is now headquartered in Singapore since 2015 with a growing team of 250+ people.
The leadership team comprises co-founders Rajeev Kumar and Bharat Goyal.
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.
Mystifly’s API is 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 low-cost carriers (LLC), new distribution capabilities (NDC) and global distribution systems (GDCs).
It also offers airlines an alternative distribution and payments reconciliation and settlement platform.
Over 20 million air travel bookings have been booked and settled through the platform.
The platform enables its business to business (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 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,” said Nanika Kakkar, Investment Director, CSVP Fund.
According to her, 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, she said 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,” she added.
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