Airline retailing-focused B2B SaaS startup Mystifly has announced that it has successfully closed its pre-Series B funding round at $8 million with the latest investment from Cornerstone Venture Partners Fund (CSVP Fund).
The round also saw participation from RSI Fund I, LLC, and Jenfi & Crusade Partners, among others. Mystifly plans to use the funding to expand its global footprint, distribution, and product offerings, and grow its data and technology capabilities.
Founded in Bengaluru in 2009 by Rajeev Kumar, Mystifly is headquartered in Singapore since 2015. The startup offers SaaS solutions to airlines and other travel intermediaries, providing multi-source shopping that unifies airline offers, order management, and payments on a single platform. This enables offer discovery, ticket order management, ancillary sales, post-booking services, and payments.
Mystifly enables online travel agencies and travel intermediaries to access a vast inventory of airfares. According to the startup, over 20 million air travel bookings have been made and settled through its platform. Mystifly has offices in Singapore, the UK, the US, and India and proffers services to 3,000 clients, including 700 airlines.
Its clients include e-commerce platforms, fintech companies, travel management companies, wholesalers, and aggregators.
Mystifly CEO and founder Rajeev Kumar said, “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.”
The funding comes as the startup is looking to expand its offerings and global presence in the competitive airline retailing market. Mystifly competes with the likes of Travel Boutique Online, InteleTravel, Airlines Reporting Corporation, and Travelzen.
Nanika Kakkar, Investment Director of CSVP Fund, said, “Mystifly is 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.” With the latest fund raise, Mystifly has raised a total of $13 million to date.