Travel technology firm Mystifly based in Bangalore which created the largest B2B global airfare marketplace, MyFareBox used globally by travel resellers, travel management companies, tour operators and corporates has raised its first Series A round of funding led by RSI I Fund LLC, Japan, which is operated by Recruit Holdings Co., Ltd., for the purpose of Investment Development.
The company has been so far operational in a self-funded, bootstrap model and with a team of 190 employees. Focused on building a robust ecosystem of global supplier network spanning 70 countries, Mystifly has forged strong partnerships with most of the world’s leading distribution systems, airlines, wholesalers and 3rd party distributors. The company’s current network comprises over 900 airlines including 170 Low Cost Carriers – a novelty in the airfare space. Till September this year, Mystifly’s marketplace platform transacted half a million transactions from customers in 60 countries, covering 28,000 unique city pairs, connecting 190 countries and has been profitable & growing about 100% YOY.
“The last 4 years were exciting while we created a globally acclaimed travel marketplace that powers few of the best known travel brands in the world. This fund-raise will help us in actualizing our next vision of simplifying airfare pricing, revenue management & transforming our marketplace into value hubs that benefits our ecosystem of suppliers and customers. We are expecting to grow our transactions multi-fold and invest more on our core technology, sales and marketing to grow our global footprint,” said Rajeev Kumar, CEO and Founder of Mystifly.
The MyFareBox platform that won the World’s Leading Airline Consolidator title at the World Travel Awards in 2015 was made available to customers within a short span of three years from a concept to a fully functioning airfare search, booking and ticketing platform. Comprehensive global airfare content, multi-currency transaction capability, intelligent pricing, and an easy-to-use UI and API interface form the core value proposition of the platform.
MyFareBox along with other advanced product offerings from Mystifly is empowering over 2500 customers globally to service air travellers better while making significant technological advancements.
Mystifly is an anywhere-to-anywhere B2B global airfare marketplace offering fare consolidation from 900+ airlines, multi-GDSs, and 170+ LCCs across 70+ countries in the Americas, EMEA and APAC. The company focuses on applying the right mix of technology and inventive thought process to create solutions that can disrupt the air travel industry.
Mystifly’s flagship air ticketing marketplace – MyFareBox, along with a suite of technology-driven products today are empowering over 2500 customers globally to service their customers better. This includes 22 of the top 50 UK TMCs, 60+ global OTAs, and nine of the top 10 Indian TMCs, among several others. Recipient of World Travel Awards’ World’s Leading Airline Consolidator by World Travel Award, Mystifly ticketed over 26,000 city pairs spread over 190 origin countries in 2015 alone.