Mystifly Raises $3.3 Mn To Fight Covid-19 Blues In Aviation
Summary
Founder and CEO Rajeev Kumar added, “The era of airline retailing and 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.” Prior to this, Mystify has raised $5 Mn in Series A round from Japanese private equity firm Recruit Holdings in 2016 in order to attain profitability. Founded in 2009 by Kumar, Mystifly is an all-in-one B2B application programming interface (API) integration for airfare distribution, fulfillment and payment services for new age ecommerce and travel intermediaries. Last month, the International Air Transport Association (IATA) released its financial outlook for the global aviation industry, projecting a loss of over $84.3 Bn in 2020 with a net profit margin of -20.1%.