Mystifly’s successful conclusion of its Pre-Series B funding round with CSVP, along with earlier investments from RSI Fund I LLC, Jenfi, Crusade Partners, and others, has brought the total funding raised in this round to $8 million. As a leading vertical SaaS and marketplace provider for the airline industry based in Singapore, this funding will likely support Mystifly’s growth and expansion efforts. It will be exciting to see how Mystifly uses this funding to enhance its offerings and continue to innovate in the airline industry space.
Founded in 2009, Mystifly helps travel intermediaries to access airfares through its application programming interface-driven technology as well as offering airlines a distribution, payment reconciliation and settlement platform.
With the help of this funding, Mystifly hopes to further develop its data and technology capabilities including adding new hires to data and engineering. With plans to extend the market reach of its SaaS products and services, the company is poised for growth and looks forward to delivering even greater value to its customers and partners. The leadership team comprises of co-founders Rajeev Kumar and Bharat Goyal.
Co-founder and CEO of Mystifly, Rajeev Kumar 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.”
The CEO, Rajeev Kumar believes that the airline industry is undergoing a ‘tectonic shift’ in terms of going from operating in silos and a previous reliance on a single source of content such as the GDS to accessing carrier inventory across systems and NDC direct connections and a more “holistic view”. Additionally, he believes that the need to adapt to the changing landscape of the airline industry has paved the path for greater innovation and new opportunities. “The need to bring offer, order and payments was never seen in a holistic manner by the airlines. NDC addressed offer, and any initiative will have delays or failures while you only address one element without understanding the impact on the other two entities.”
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.