Singapore-based vertical SaaS & marketplace provider Mystifly has raised total $8 million in Pre-Series B round.
This total investment made with Cornerstone Venture Partners (CSVP) and with earlier investments from RSI Fund I. LLC (a subsidiary of Recruit Co. Ltd.), Jenfi & Crusade Partners among others.
These funds will help speed up the growth of Mystifly’s data and technology capabilities and expand Mystifly’s global footprint, distribution & product offerings in Singapore.
Mystifly’s innovative SaaS and marketplace platform for all stakeholders in the travel distribution value chain 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.
Mystifly, headquartered in Singapore since 2015 and founded in Bangalore, offers a platform that allows B2B customers to offer personalized travel experiences beyond price, empowering customers to make more informed decisions while helping airlines position themselves better. They also aim to democratize air travel sales by allowing any business to build an ‘embedded travel’ integration for their captive audience.
The platform also offers airlines an alternative distribution and payments reconciliation and settlement platform. It claims that 20 million air travel bookings have been booked and settled through the platform.
Rajeev Kumar, Founder and CEO of Mystifly, said, “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.”
Nanika Kakkar, Investment Director, CSVP Fund said, “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.”