Mystifly, a leading vertical SaaS and marketplace provider for the airline industry with headquarters in Singapore, announced today that its Series B fundraising round with CSVP (Cornerstone Venture Partners) has been completed. When added to prior contributions from, among others, RSI Fund I. LLC (a division of Recruit Co. Ltd.), Jenfi, and Crusade Partners, the total of this round now stands at USD 8 million.
“In addition to RSI, a prior investment, Jenfi & Crusade Partners, and CSVP, we are excited to welcome CSVP as an investor as we expand the reach of Mystifly. As a result of the epidemic, we have grown more resilient, and our investment in a multi-source search, service, and payment platform has led to the creation of an enterprise-level self-onboarding air travel platform for airlines and travel agents. To help airlines and intermediaries adapt to the contemporary e-commerce climate, we have changed their digital plumbing systems.” By Rajeev Kumar, the CEO and founder of Mystifly. With this funding, Mystifly will be able to develop its data and technology capabilities while also broadening its global reach, distribution, and product offerings.
The pre-series B funding will assist Mystifly in developing new markets for its SaaS products and services. The company expects to give its partners and customers even more value as it expands and is in a strong position to do so. Members of the leadership team include Rajeev Kumar and Bharat Goyal, the business’s founders.
Mystifly was founded in Bangalore, where it has maintained its headquarters since 2015. It now employs more than 250 people there. Priceline, American Express Leisure Travel, JPMorgan Bank, Travel Perk, Kiwi, MakeMyTrip, Paytm, Agoda, EaseMyTrip, and Arriva are a few of the company’s numerous overseas customers.
The travel business has experienced technological advancements during the past ten years, but not in other industries, according to Nanika Kakkar, Investment Director, CSVP Fund. As air travel spreads and customers want specialized, one-of-a-kind products, the market is currently primed for disruption. Mystifly, which is driving this transition, gives intermediaries the tools they need to put the needs of the customer first while also providing them with improved qualities. Throughout the pandemic, the firm developed a number of solutions for several stakeholders, demonstrating that it is an anti-fragile organization that is ready to grow moving forward. With Rajeev and Bharat, we are eager to embark on the platform’s growth path since we really believe in its potential.
During The Phocuswright Conference last year, the business revealed its Azygos platform, a multi-source airline retailing solution. It has now been improved with the option to combine a standard GDS booking with a new distribution capability booking into a single order.
According to Rajeev Kumar, founder and CEO of Mystifly, the announcement from American Airlines in December was one of the “top-tier clients in the process of going live” for Azygos.
In addition, Kumar sees prospects for artificial intelligence in airline distribution, such as the ability to create offers for clients on the fly with pertinent ancillary services, improve pricing forecasting, and utilize passenger intent data.
