Mystifly, a Singapore and Bengaluru-based air retailing and payments platform, announced that it has raised $3.3 million pre-Series B funding from existing investor Recruit Co., Ltd, according to the YourStory report. Earlier in 2016, the company had raised Series A funding led by Recruit.
“The new fund raise is significant with the global aviation industry going through its toughest times. The investment will help Mystifly to continue to strengthen its product and technology, data science and machine learning capabilities, and address airline payments inefficiency while weathering the COVID-19 storm,” said the leadership team at Mystifly.
Mystifly’s leadership team comprises Founder and CEO Rajeev Kumar, CFO Pawan Kesarwani, and CTO Bharat Goyal.
The company said it launched a fully automated and guaranteed cancellations and changes product C2 in November 2019 and its new-age airline retailing platform ASR1.0 in February 2020.
Founded in 2009, Mystifly offers a full-stack API platform to transform and maximise online travel business capability for existing travel businesses and for new-age eCommerce and travel intermediaries.
The company’s global customers include the best known OTA brands, global loyalty programmes, travel management companies, and meta search engines.
The distribution, fulfilment, and payments technology platform offers air fare deals from all full-service airlines through existing distribution platform partnerships, direct connectivity and new distribution capability (NDC), and low-cost airlines shopping across the globe – all through a single platform.
Rajeev Kumar, Founder and CEO of Mystifly added that “The era of airline retailing and efficient payments has begun and the current crisis has made this transition faster than anticipated . Airlines will significantly improve their bottom line by saving on payment costs and becoming new-age retailers as they can make more relevant offers, including services with higher margins than just the flight seat price. There is no doubt that retail airlines will be the talk of the town in the coming months, just as how low-cost carriers were about 10-15 years back.”
As a Borderless Airfare Marketplace platform Mystifly covers 700+ IATA and non-IATA airlines including 200+ LCCs. With direct airline integrations, NDC, multi-GDS sourced from 80+ point of sale countries in the Americas, EMEA and APAC, Mystifly’s B2B SAAS model offers the most powerful tools to any travel/ ecommerce intermediary who wishes to start or expand their air business globally.
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