SINGAPORE, March 24, 2023 — Singapore-based Mystifly, a top vertical SaaS & marketplace provider for the airline industry, announced the completion of Pre Series B funding with CSVP (Cornerstone Venture Partners), bringing the total of this round to USD 8 million when combined with earlier investments from, among others, Jenfi & Crusade Partners.
API-first, cutting-edge SaaS and marketplace platform from Mystifly for all travel distribution value chain participants. In addition to providing airlines with an alternative platform for distribution and payments reconciliation and settlement, it allows online travel agencies (OTAs) and other travel intermediaries to access a sizable inventory of airfares (with or without commercial agreements with airlines), including those from LCCs (Low-Cost Carriers), NDCs (New Distribution Capabilities), and GDSs (Global Distribution Systems). More than 20 million air travel reservations have been made and paid through the platform.
The platform enables its B2B clients to provide customized travel services, shifting the focus of competition from pricing to other factors and giving consumers an air shopping experience that is revolutionizing the market. Purchasing based on qualities improves airlines’ positioning and equips customers to make better choices. By enabling any company to create an “embedded travel” integration for their captive audience, Mystifly also paves the path to democratize the air travel sales industry.
“As we broaden the reach of Mystifly, we are thrilled to welcome CSVP as an investor alongside RSI, a previous investment, and Jenfi & Crusade Partners. Due to the pandemic, we have become more resilient, and our investment in a multi-source search, servicing, and payment platform has produced an enterprise-level self-onboarding air travel platform for airlines and travel intermediaries. We have updated the digital plumbing systems for airlines and middlemen so they can adapt to the modern e-commerce environment.” By Rajeev Kumar, Mystifly’s CEO and founder. This investment will help Mystifly expand its worldwide reach, distribution, and product offerings while accelerating its data and technological capabilities.
Mystifly plans to use the proceeds from this Pre-series B investment to expand the market for its SaaS products and services. The company expects giving its customers and partners even more value as it prepares to grow. The executive team is made up of the company’s co-founders, Rajeev Kumar and Bharat Goyal.
Mystifly was founded in Bangalore, but since 2015 it has moved its headquarters and a growing team of over 250 people to Singapore. Just a handful of the company’s well-known worldwide customers include Priceline, American Express Leisure Travel, JPMorgan Bank, Travel Perk, Kiwi, MakeMyTrip, Paytm, Agoda, EaseMyTrip, Arrivia, and many more.
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