Mystifly Global Consolidation & Technology Services Pte. Ltd, which operates the travel-technology and payment services company Mystifly, has raised $3.3 million (Rs 24.81 crore at current exchange rate) in pre-Series B funding.
The Singapore- and Bengaluru-based firm, founded in 2009 by Rajeev Kumar, has raised this sum from existing investor Recruit Holdings, it said in a statement. Recruit Holdings is a Japan-based investor and company specialising in human resources and recruitment services.
Mystifly functions through a business-to-business application programming interface (API) format, allowing clients to offer ticketing, airline retailing, and post-ticketing services to end-consumers.
It will use the capital it has raised in this pre-Series B round to strengthen the infrastructure of its airfare distribution technology and product.
Mystifly will also use the money to further develop its machine learning and data science capabilities, as well as address the inefficiencies in airline payment systems.
“Airlines will significantly improve their bottomline 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,” Kumar said.
In October 2016, the firm raised an undisclosed sum in Series A funding round led by Recruit Holdings. Its clients include airlines, online travel businesses, e-commerce platforms, loyal programmes and aggregators, among others. The company says its partners include the likes of AirAsia, Sabre Airline Solutions, and Travelport.
Companies operating in the travel-tech space have continued to receive investor interest, with product portfolios primarily concentrating on addressing inefficiencies in existing travel infrastructure.
In April, VCCircle reported that Chiratae Ventures had invested in a startup offering online ticket booking services. Chiratae has experience in the travel-tech segment, with some of its other bets being on companies such as Yatra and Tripoto.
In February, Stelling Technologies Pvt. Ltd, which operates train travel and ticketing platform RailYatri, raised Rs 100 crore in an extended Series B round. Other travel-tech ventures that have secured funding over the past couple of years include Guiddoo, PickYourTrail, ixigo and TravelTriangle.
