Category: Emerging Company
Principal(s): Jeff Pan, CEO
Funding: Privately owned with no outside funds raised. The senior engineering team and CEO are from Switch.cm, a former Phocuswright Battleground startup that was acquired by Flymya in April 2017.
Product Description: We sell flights and hotels on a website. Due to the unique financial ecosystem of the region, about 70% of our engineering resources revolve around payments.
Business Model: There are many OTAs that sell flights and hotels on a website. However, domestic travelers in Southeast Asia have an entirely different set of payment preferences, customer acquisition funnels, and unique business environments.
Competitors: Imagine if your ex-wife was also your co-founder? Much like any other OTA, many of our strategic partners are also our biggest competitors (CTrip, Traveloka, Klook). Oway is our primary local competitor.
Competitive Edge: Flymya is an online travel agency based in Myanmar, with a strong focus on domestic flights and domestic travelers in Southeast Asia.
Market Opportunity: The domestic airline market in Myanmar has an addressable market of US$250M. Our goal is to expand further into countries with strong parallels to the market in Myanmar: unique payments infrastructure, underserved domestic market, and a gap in localization. Cambodia, Laos and Vietnam have a combined 31,000 daily domestic flights.
Early Customers: We currently account for 1-in-8 domestic B2C flights sold in the country and continue to double in revenues each year.