July 18, 2024

Mystifly announces completion of USD 8Mn Pre Series B Funding Round

Facebook
Twitter
LinkedIn
Rajeev Kumar & Bharat Goyal, Mystifly Founders. Image Courtesy-Mystifly

Singapore-based Mystifly, a leading vertical SaaS & marketplace provider for the airline industry announced recently the conclusion of Pre Series B funding with CSVP (Cornerstone Venture Partners) bringing the total of this round to USD $8 million combined with earlier investments from RSI Fund I. LLC (a subsidiary of Recruit Co. Ltd.), Jenfi & Crusade Partners among others.

Mystifly’s API first, innovative SaaS and marketplace platform for all stakeholders in the travel distribution value chain. It 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) while also offering airlines an alternative distribution and payments reconciliation and settlement platform. Over 20M air travel bookings have been booked and settled through the platform.

“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.” – Rajeev Kumar, Founder and CEO of Mystifly. This investment will help speed up the growth of Mystifly’s data and technology capabilities and expand Mystifly’s global footprint, distribution & product offerings.

Nanika Kakkar, Investment Director, CSVP Fund

Nanika Kakkar, Investment Director, CSVP Fund shared, “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.”

Industry sources added that along with this Pre-series B funding, Mystifly 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 co-founders Rajeev Kumar and Bharat Goyal.

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.

Source

Also some news and updates on Series B funding:

COFE raises USD15M Series B Funding round led by Waed Ventures

Wati raises USD 23 M Series B Funding Round in SEA led by Tiger Global

in3 raises $85.3 million Series B round, partners Mollie

Share.

RELATED POSTS

Lachezar Lozanov, Chief Operating Officer at Cytek
Cytek to bolster cyber resilience for businesses and organizations worldwide
Elektrobit collaborates with NXP Semiconductors
Elektrobit collaborates with NXP Semiconductors
Siemens signs agreements with Giza Systems, Saudi Coffee Co. and others to accelerate digitalization of industry and infrastructure
Siemens inks multiple agreements to accelerate digitalisation
  • logo banner warba
  • Mutual Trust Bank Plc
  • Ahli United Bank

LATEST POSTS

The business landscape is going through continuous change, which means that there are constantly new challenges arising in HR. This blog entails on few of the major challenges arising in 2024
Representational Image
ACCA announces the addition of new Emirati members to its Members’ Advisory Committee with a government-led goal of achieving a 10% increase in Emiratisation of the skilled workforce by 2026
CyberKnight announces VAD partnership with Forescout for META. CyberKnight to offer complete asset intelligence and control across IT, OT, and IoT to Forescout.