Archive · 19 Jun 2025
Banks Seek Alternatives to DreamFolks After Airport Lounge Disruption
Some banks, like ICICI and Axis, might stop using a company called DreamFolks to provide airport lounge access.
This is because DreamFolks had a problem that caused issues for customers last year.
Now, the banks are making their own deals with the airport lounges directly.
This means the banks will handle things themselves instead of going through DreamFolks.
Even though DreamFolks made more money, their profits went down after the problem.
This change could shake up the way people get into airport lounges.
Banks like ICICI and Axis are seeking direct partnerships with airport lounges.
This follows a service disruption experienced by DreamFolks in September 2024.
DreamFolks, the current aggregator, faces potential loss of dominance in lounge access.
Key players include ICICI Bank, Axis Bank, Mastercard, Adani, GMR, and TFS.
DreamFolks reported revenue growth but a profit drop after the disruption.
- Who
- ICICI Bank, Axis Bank, Mastercard, DreamFolks, GMR, Adani, and TFS.
- What
- Banks are exploring direct partnerships with airport lounge operators.
- When
- Following a service disruption in September 2024.
- Where
- Impacting airport lounge access in India.
- Why
- Banks are exploring alternatives after DreamFolks service disruptions.
DreamFolks
Banks
Partnerships
DreamFolks
Reliance on Aggregator Model
Banks
Direct Bank-Lounge Partnerships
- Company
- DreamFolks Services
- Market Share (Domestic)
- 90%
- Key Players
- ICICI, Axis, Mastercard
- Lounge Operators
- GMR, Adani, TFS
- Service Disruption
- September 2024
- FY25 Revenue
- ₹1,292 crore
- FY25 Net Profit
- ₹65 crore
Sources
DreamFolks Revolutionizes Banking Card Benefits with Exclusive ‘Members-Only’ Club Access and Innovative ‘Coffee at Malls’ Service
Dreamfolks Services share price crashes 4% after THIS reported move by ICICI Bank, Axis Bank, Mastercard
After Service Disruptions, ICICI, Axis Banks Look To Move Away From DreamFolks: Report
Turbulence ahead for DreamFolks Services? Axis Bank, ICICI Bank, Mastercard, other majors looking for alternatives