DreamFolks Services Ltd has suspended its domestic airport lounge services, a move it described as “material” in a stock exchange filing.
“DreamFolks Services Limited has discontinued its domestic lounge access services with effect from today. The discontinuation…is material in nature,” the company told the stock exchanges.
Other domestic offerings and its international lounge access business remain operational. DreamFolks said it is in active discussions with clients to provide alternative value propositions, while assuring that its current contracts with banks and card partners continue to remain in force.
The announcement follows a string of contract losses. Adani Digital and Semolina Kitchens terminated their lounge agreements with DreamFolks in mid-September, and Encalm Hospitality is set to follow in November. The exits mark a significant shake-up for the aggregator, which built its model on connecting banks and passengers to lounge operators.
Adani Airports has justified its decision by pushing a direct-to-consumer model, with CEO Arun Bansal stressing that fintech platforms have made “middlemen” redundant. DreamFolks, meanwhile, has warned that pressure from airport operators expanding into the lounge business is weighing heavily on its commercial relationships.
The company has said it will keep its stakeholders updated as the situation evolves.
“DreamFolks Services Limited has discontinued its domestic lounge access services with effect from today. The discontinuation…is material in nature,” the company told the stock exchanges.
Other domestic offerings and its international lounge access business remain operational. DreamFolks said it is in active discussions with clients to provide alternative value propositions, while assuring that its current contracts with banks and card partners continue to remain in force.
The announcement follows a string of contract losses. Adani Digital and Semolina Kitchens terminated their lounge agreements with DreamFolks in mid-September, and Encalm Hospitality is set to follow in November. The exits mark a significant shake-up for the aggregator, which built its model on connecting banks and passengers to lounge operators.
Adani Airports has justified its decision by pushing a direct-to-consumer model, with CEO Arun Bansal stressing that fintech platforms have made “middlemen” redundant. DreamFolks, meanwhile, has warned that pressure from airport operators expanding into the lounge business is weighing heavily on its commercial relationships.
The company has said it will keep its stakeholders updated as the situation evolves.
You may also like
The Fall Of An Edtech Founder, Startup Funding Tanks & More
I've read 140 books this year but only 5 have left me guessing until the end
Aviation Watchdog DGCA Monitoring Airfares & Flight Capacities For Festive Season, Ensuring Stable Ticket Prices
Indian Navy set to commission Androth- a steady march with new indigenous inductions
Investigation Launched into Deaths of 14 Children Linked to Contaminated Cough Syrup in Madhya Pradesh
