Daybreak Shopping at an Indian airport? Almost everything you touch could belong to Adani
10 snips
Oct 19, 2025 Discover how Dreamfolks Services revolutionized airport lounge access in India, linking banks and travelers. Now, Adani is taking charge, consolidating control over lounges, duty-free shops, and food courts. Allegations suggest they pressured banks to bypass aggregators like Dreamfolks, marking a significant shift in airport commerce. The podcast explores the impact on independent operators and the transformation of the Mumbai Airport as a case study, shedding light on the changing landscape of airport retail and hospitality.
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Invisible Middleware Built A Monopoly
- DreamFox acted as the invisible middleware linking banks, card networks, lounges and travellers and built a 90% market share in lounge access.
- Its removal signals a structural shift that erases an ecosystem that enabled independent airport operators and aggregators.
Quiet Warnings, Then Direct Cutoffs
- Liberata Khaled recounts quiet feelers two years ago that the aggregator model might be ending and then direct moves last October to cut aggregators out.
- TFS and Enkarm Hospitality cut ties with Dreamfolks and signed directly with Adani, triggering banks to follow.
Aggregator Displacement Is Existential
- DreamFox earns 93% of its revenue from lounges, making direct deals between airports and banks an existential threat.
- Displacing the aggregator disrupts both revenue streams and the technology layer banks relied on.