Mystifly, an online portal which aggregates airline tickets, has raised around $5 million in its latest funding round. The funding was raised from one of the funds owned by Recruit Holdings, a Japan-based private equity investment firm.
With the influx of fresh money, the company will now invest a part of it towards upgrading its tehcnology. It will also spend a chunk of it for sales and marketing purposes, and to expand its presence globally.
For its investment in the company, the Japanese fund has now acquired a minority stake in the airline ticket aggregation company.
Rajeev Kumar, CEO of the company, said,
The fresh funds will help us in actualising our next vision of simplifying airfare pricing, revenue management and transforming our marketplace into value hubs that benefit our ecosystem of suppliers and customers. We are expecting to grow our transactions multi-fold and to invest more on our core technology, sales and marketing to grow our global footprint.
Mystifly is a global airfare marketplace offering consolidator airfares of 900+ airlines including 170+ LCCs from 70+ point of sale countries on a single platform. Until now, the company was operating on the self-funded model. Its team comprises of around 190 people.
Fare types include Ethnic Fares, Web Fares, Marine Fares, Tour Operator Fares, Student Fares, Labour Fares, Military Fares and so on, sourced from a plethora of Consolidator Fares, Market Restricted Fares, Web Fares, Corporate Fares, Published and Private Fares.
Awarded as “World’s Leading Airline Consolidator” by World Travel Awards, Mystifly claims to have ticketed 26000+ city pairs spread over 190 origin countries in the year 2015 alone.