SINGAPORE, March 24, 2023 /PRNewswire/ -- Singapore-based Mystifly, a leading provider of vertical SaaS and marketplace to the airline industry, today announced the completion of Pre Series B funding with CSVP (Cornerstone Venture Partners). ) bringing the total of this round to $8 million combined with previous investments from RSI Fund I. LLC (a subsidiary of Recruit Co. Ltd.), Jenfi
Mystifly's first innovative SaaS platform and marketplace API for all stakeholders in the travel distribution value chain. It allows online travel agencies (OTAs) and travel intermediaries to access a vast inventory of airfares (with or without commercial agreements with the airlines), including LCCs (Low Cost Carriers), NDCs (New Capacities Distribution) and GDS (Global Distribution Systems), while offering airlines an alternative platform for distribution and payment reconciliation and settlement. More than 20 million air reservations have been booked and settled through the platform.
The platform enables its B2B clients to offer personalized travel, changing the competitive landscape far beyond price and creating an industry-transforming air retail experience for travelers. Attribute-based purchasing helps airlines to better position themselves and allows customers to make more informed decisions. Mystifly is also paving the way to democratize air travel sales, allowing any business to create “embedded travel” integration for their target audience.
"We are very happy to welcome CSVP as an investor alongside our previous investor RSI, and Jenfi
With this pre-series B funding, Mystifly plans to expand 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 management team consists of co-founders Rajeev Kumar and Bharat Goyal.
Mystifly was founded in Bangalore and has now been based in Singapore since 2015, with a growing team of over 250 people. The company's global clients include names such as Priceline, American Express Leisure Travel, JPMorgan Chase, Travel Perk, Kiwi, MakeMyTrip, Paytm, Agoda, EaseMyTrip, Arrivia, among others.
Nanika Kakkar, Chief Investment Officer, CSVP Fund commented: "Over the past decade we have seen technology transformations across multiple sectors, including travel. Today is ripe for disruption as air travel becomes more ubiquitous and consumers are looking for specific personalized solutions Mystifly is leading this change and empowering intermediaries to be digital first, while offering enhanced attributes to facilitate consumer decision-making Throughout the pandemic, the company has created diverse multi-stakeholder solutions, proving to be an anti-fragile business, well positioned to scale going forward. We truly believe in the potential of the platform and are excited to embark on the growth journey with Rajeev and Bharat."
Cornerstone Venture Partners Fund (CSVP Fund) is India's frontier enterprise SaaS fund investing in highly scalable SaaS products with the potential to transform businesses. Investments that enable significant business impact on a global scale. Companies with high capital efficiency and strong resistance to macroeconomic crises. They are based on recurring revenue models that allow loyalty and a better realization of value per customer. Investments are in software companies targeting business users, in financial services, retail, logistics, healthcare, and industry-specific opportunities.
Founded in 2009, Singapore-based Mystifly is a leading global B2B SaaS vertical airline ticket retailer that aims to make a positive difference in the experience that its travel intermediary customers deliver to their end travelers. The company offers multi-source shopping that unifies airline offers, order management, and payments on a single platform that enables offer discovery, ticket order management, upsells, post-booking services, and payments. payments for more than 700 airlines, including more than 200 low-cost carriers, airlines transitioning to the new layout, and traditional full-service carriers. Mystifly is the new operating system for existing or new companies to start or grow their travel business globally. Mystifly's suite of products supports more than 3,000 customers worldwide, with offices in Singapore, the UK, the US and India.
His clients include online travel agencies, loyalty programs, e-commerce platforms, fintechs, travel management companies, travel agencies, concierge companies, wholesalers, and aggregators. Certified by IATA as an Airline Retailing Maturity Index Aggregator, Mystifly offers a multi-source, self-inclusion SaaS platform that combines low cost, traditional GDS distribution, and NDC-aligned technology stacks for businesses of all sizes.
The company's payment platform MystiPay won the best new B2B travel program at Discover
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