SaaS Startup Mystifly Bags Funding From CSVP To Close Pre-Series B Round At $8 Mn

SUMMARY

The airline retailing-focused B2B SaaS startup had earlier raised funding from RSI Fund I and Jenfi & Crusade Partners for the round

Mystifly said it will use the funding to expand its global footprint, distribution and product offerings and grow its data and technology capabilities

The startup, which offers retailing solutions to airlines and other travel intermediaries, has raised $13 Mn in funding to date

Airline retailing-focused B2B SaaS startup Mystifly on Thursday (March 23) said it has closed its pre-Series B funding round at $8 Mn with fresh investment from Cornerstone Venture Partners Fund (CSVP Fund).

The startup had earlier raised funding from RSI Fund I, LLC (a subsidiary of Recruit Co Ltd.), and Jenfi & Crusade Partners, among others, as part of the same round.

Mystifly will use the funding to expand its global footprint, distribution and product offerings and grow its data and technology capabilities.

Mystifly has raised total funding of $13 Mn to date, including the latest fundraise.

Mystifly was founded in 2009 in Bengaluru by Rajeev Kumar. The startup, which has been headquartered in Singapore since 2015, offers SaaS solutions to airlines and other travel intermediaries. It offers multi-source shopping that unifies airline offers, order management and payments on a single platform enabling offer discovery, ticket order management, ancillary sales, post-booking services and payments.

“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,” Mystifly CEO and founder Kumar said.

The startup enables online travel agencies and travel intermediaries to access a vast inventory of airfares. It claims that over 20 Mn air travel bookings have been made and settled through its platform.

Mystifly has offices in Singapore, the UK, the US, and India and claims to offer services to 3,000 clients, including 700 airlines. It counts ecommerce platforms, fintech companies, travel management companies, wholesalers, and aggregators among its clients.

“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,” said Nanika Kakkar, Investment Director of CSVP Fund.

Mystifly competes with the likes of Travel Boutique Online, InteleTravel, Airlines Reporting Corporation and Travelzen.