Overview

• Major Indian banks and card networks such as ICICI Bank, Axis Bank and Mastercard are reportedly exploring direct partnerships with lounge operators like Adani, GMR and TFS to bypass DreamFolks following last year’s service outage.
• On September 22, 2024, a system disruption by DreamFolks halted access at 49 lounges across 34 airports, prompting clients to consider alternative aggregation or direct deals.
• Media reports of banks moving away drove DreamFolks shares down 14% on June 19, but the stock regained those losses with a 14% rebound the following day.
• DreamFolks said it has received no formal notices of contract termination and described annual price negotiations as routine business practice.
• In FY25 the company posted 14% revenue growth to Rs 1,292 crore despite a 5% drop in net profit and is expanding into food and beverages, spa and wellness, meet-and-assist and airport transfers.