Addressing concerns about disruption, Kallat said, “What we are talking about was last year, and that was a technical [issue].” She explained that a temporary downtime in card eligibility systems had occurred, but did not lead to any client exits. “All the clients are still with us… We are deeply integrated with all our banking clients,” she added.
This follows a June 19 PTI report citing sources that top Indian banks like ICICI Bank and Axis Bank, along with Mastercard, may move away from DreamFolks to partner directly with airport lounge operators.
Kallat clarified that no such communication has been received from clients and that contract renewals and negotiations are routine. “All our contracts are in place and all programmes are ongoing,” she said, calling the process “business as usual.”
DreamFolks has been onboarding new clients. “We have brought on nearly 30 enterprise clients,” Kallat said, noting the company’s recent expansion into services like social clubs and mall-based coffee offerings. These additions, she explained, were made to meet rising demand from clients seeking differentiated services for their cardholders.
Looking ahead, the company is focusing on diversifying its revenue mix. “In the next three to four years, these new services will contribute a good percentage to our topline,” she said, reaffirming that DreamFolks expects around 50% of future revenue to come from outside its core lounge access business. The company has expanded its lounge network to over 100 countries.
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Regarding competition, Kallat said it has always existed. “Large tech players have also tried entering this space… but what differentiates DreamFolks is the value and trust we bring,” she noted.
On financials, Kallat reiterated margin guidance of 11% to 13% and advised stakeholders to await the next quarterly report for updated financial details. “We are very confident in the way the business is shaping up,” she said.
Despite these assurances, the company’s stock has declined by over 51% in the past year. DreamFolks currently has a market capitalisation of ₹1,248.91 crore.
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