Mumbai : The country’s major banking institutions ICICI Bank, AXIS Bank and Card Network MasterCard are now preparing to distance away from Dreamfolks Services LTD. These banks have started plans to connect passengers lounge access facilities directly with operators at airports. According to sources, other banks can also follow this path in the coming days.
Why crisis on Dreamfolks?
Last year in services of Dreamfolks on 22 September 2024 “Sudden and broader disruption” It happened, due to which thousands of passengers across the country were deprived of the services of the airport lounge. The problem was resolved in a day, but it forced banks and card companies to find other options.
Who is making the distance?
- Axis bank, Icici bankAnd Mastercard Has started preparing to limit the relationship with Dreamfolks.
- American Express Already, Adani has turned to Digital’s services.
Dreamfox claims and controversies
Dreamfolks of the country 90% domestic lounge market share Claims But during September incident 49 lounge and 34 airports But services suddenly came to a standstill.
- Adani groupWhich operates 7 airports, stated that Dreamfolks violated the service contract.
- Travel Food and Services (TFS) Had warned of legal action.
Impact on financial performance
Revenue of Dreamfolks in FY25 14% increased to ₹ 1,292 crore It is done, but Profit decreased by 5% to ₹ 65 crore Come on. The company is now working on a plan to increase revenue from non-hierarchy services (eg spa, food, airport transfer).
What is the way forward?
Now many airport operators (Adani, GMR, TFS) Direct contact with banks Tax wants to provide better service to passengers. This can weaken the third party role of Dreamfolks.
