Mystifly secures $8 million in Pre-Series B funding
- ByStartupStory | March 24, 2023
Mystifly offers an innovative SaaS and marketplace platform that serves as an API-first solution for various stakeholders in the travel distribution value chain. This platform enables online travel agencies (OTAs) and other intermediaries to access a broad range of airfares, including those offered by low-cost carriers (LCC), new distribution capabilities (NDC), and global distribution systems (GDS). With Mystifly, airlines can also take advantage of an alternative distribution and payment reconciliation and settlement platform. To date, the platform has processed over 20 million air travel bookings.
Mystifly’s platform provides B2B customers with the ability to offer customized travel options, shifting the competitive landscape beyond just price and delivering a transformative air retailing experience to travelers. By utilizing attribute-based shopping, airlines can better position themselves, while customers can make more informed decisions. Additionally, Mystifly is working towards democratizing air travel sales, allowing any business to create an embedded travel integration for their captive audience.
Mystifly’s Founder and CEO, Rajeev Kumar, expressed excitement about the company’s recent investment from CSVP, RSI, Jenfi, and Crusade Partners. Despite the pandemic’s challenges, Mystifly has become more resilient, thanks in part to its investment in a multi-source search, servicing, and payments platform.
This investment has enabled Mystifly to offer an enterprise-level air travel platform for airlines and travel intermediaries, with a focus on adapting to today’s e-commerce world. With this new investment, Mystifly plans to accelerate its growth, enhance its data and technology capabilities, and expand its global footprint, distribution, and product offerings.
Mystifly is set to expand its SaaS products and services market reach with the Pre-series B funding it recently received. The company, led by co-founders Rajeev Kumar and Bharat Goyal, is well-positioned for growth and is committed to delivering exceptional value to its customers and partners. Since its founding in Bangalore, Mystifly has grown to a team of over 250 people and has relocated its headquarters to Singapore in 2015. The company has a diverse range of global customers, including prominent names like Priceline, American Express Leisure Travel, JPMorgan Chase, Travel Perk, Kiwi, MakeMyTrip, Paytm, Agoda, EaseMyTrip, Arrivia, and many others.
According to Nanika Kakkar, Investment Director at CSVP Fund, the travel industry is ripe for disruption as consumers increasingly seek personalized solutions and air travel becomes more pervasive. Mystifly is at the forefront of this change, empowering intermediaries to adopt a digital-first approach and offering enhanced attributes to streamline the consumer decision-making process. Throughout the pandemic, Mystifly has demonstrated its resilience and built various solutions for multiple stakeholders, positioning itself to scale and grow even further.
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