Air retailing platform raises its fortunes in Pre-Series B Financing Round from Recruit amidst the COVID pandemic.
Mystifly is a Singapore and Bengaluru based air retailing and payments platform. The company last raised capital through its Series A in 2016 led by Recruit Co. Ltd. Since then it has been focusing on profitable growth with strong fundamentals. The company reported profits in the 11 months of its operations in 2019-20 until COVID impacted the aviation industry in March 2020.
The distribution, fulfilment and payments technology marketplace platform offers air fare deals from all a number of sources. They include full-service airlines through existing distribution platform partnership. Direct connectivity & NDC and low-cost airlines shopping across the globe are all possible through this initiative. And it happens all through a single platform.
The leadership team of Mystifly comprises Founder & CEO Rajeev Kumar, CFO Pawan Kesarwani and CTO Bharat Goyal.
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 & machine learning capabilities & addressing airline payments inefficiency while weathering the COVID19 storm, said the leadership team at Mystifly. The leadership team added that a fund raise amidst the crisis reflects the confidence of investors in the business.
Rajeev added, “The era of airline retailing & efficient payments has begun and the current crisis has made this transition faster than what was anticipated earlier. 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 new talk of the town in the coming months, just as how Low Cost Carriers were about 10-15 years back.”