FinoGuy
TF Legend
New Lounge partners in line?? .source
Major Indian banks and card networks, including ICICI Bank, Axis Bank, and Mastercard, are looking to move away from aggregator DreamFolks Services Ltd to establish direct partnerships with airport lounge operators, and others also may follow suit, sources said.
On September 22 last year, DreamFolks -- a global travel and lifestyle services aggregator that offers lounge access services at several airports -- had witnessed "a temporary disruption in services" that led to impact lounge access of thousands of customers of banks and card networks.
Though the issue was resolved the next day, it sent the banks and card networks to explore other alternatives, three sources familiar with the matter said.
Leading the charge are Axis Bank and ICICI Bank as well as Mastercard, they said adding more banks are expected to follow suit.
While Axis Bank declined to comment, emails sent to ICICI Bank and Mastercard remained unanswered.
DreamFolk too did not immediately reply to email sent to its investor relations and other emails provided on its website.
DreamFolks, which counts among major airport lounge operators in India, claims to command 90 per cent market share in the country's domestic lounge access market for debit and credit card holders.
The September disruption saw flyers nationwide facing issues in accessing airport lounges. According to reports, there was a sudden closure of at least 49 lounges across 34 airports in India.
Such was the extent of the trouble that Travel Food and Services, a food and beverage master franchisee that manages the airport lounge in Kolkata and Chennai, had reportedly threatened legal action against DreamFolks.
Adani, which manages seven airports across India, had in a statement said, "Passengers at airports across India have been experiencing disruptions in lounge access. This is due to the unexpected suspension of services by DreamFolks Services Ltd, a lounge access provider partnered with several banks, in violation of its service agreements with the affected airports."
Operators such as GMR, Adani, and TFS together manage approximately 80-85 per cent of the foot traffic through these facilities. DreamFolks currently serves as the third-party aggregator for all these lounges.
For FY25, it reported a 14 per cent growth in revenue to Rs 1,292 crore. However, its net profit took a hit, declining by 5 per cent to Rs 65 crore. Earlier in 2025, the management announced plans to increase revenues from non-lounge services. Other services that it provides at the airport are food and beverages, spa and wellness, meet and assist, and airport transfers.
