Airport service aggregator platform DreamFolks Services listed on the Bombay Stock Exchange in September - the stock rose 56 percent to Rs 505 (from an issue price of Rs 326) on debut on September 6, 2022. (At the time of publishing on October 2, the stock was trading lower at Rs 374.)
The company is now extending its lounge services to railway stations in India. ***
It's rare for exuberance to be conveyed over a long-distance phone call, yet it is palpable in DreamFolks Founder Chairperson Liberatha Peter Kallat's voice as she talks about the company’s remarkable debut at the exchanges in September.
The statistics speak volumes: starting with one client in 2013, DreamFolks today has 50 clients and a global footprint extending to 536 cities in 121 countries with 1,416 touchpoints (244 touch-points are in India and 1,172 touchpoints overseas). It has 100 percent coverage across all 54 airport lounges operational in India and a market share of over 95 percent of all India-issued card-based access to domestic lounges in India.
In addition, the company has partnered with various entities to facilitate access to around 57 restaurants and F&B outlets at 18 airports across India.
Liberatha attributes the recent success to her team and the relationships that have withstood the test of time and entrepreneurial challenges. “Yes, DreamFolks is technically my creation but I alone could not have built this without my team of diligent co-workers, specially Dinesh Nagpal and Mukesh Yadav (both non-executive directors now) who have been instrumental in formulating the business model and continue to be involved in different aspects of the business. My team is the pillar of the company’s success,” said Liberatha who holds a Bachelor’s degree in science from Andhra University.
The asset-light business model has reaped rewards. Over the years, DreamFolks’ transformed from being an airport lounge access aggregator to an end-to-end technology solutions provider for designing and delivering services that enhance the airport experience. Their business model integrates global card networks operating in India, credit card and debit card issuers and other corporate clients in India, including airline companies with various airport lounge operators and other airport-related service providers on a unified technology platform.
As of March 31, 2022, 9.79 million passengers, cumulatively, had availed of the DreamFolks’ services since Fiscal 2020. In FY22 alone, the company facilitated access to 35.3 lakh out of 52 lakh passengers accessing lounges in India (around 68% of the total share).
Building long-lasting relationships has been Liberatha’s proclaimed go-to business mantra. “It is relationships - with my clients and my team - that have been the biggest asset. I started with Mastercard as my first client in 2o13, today we have 50 and counting,” said Liberatha, who firmly believes that businesses cannot be segregated as man-run or woman-run. “Merit is all that matters. I have never played the woman-card,” she added.
What next? I asked Liberatha. “We plan to replicate our deep knowledge of the industry, technology innovation, process expertise, and business model across new high growth markets. We are in the process of leveraging the well-entrenched relationships with global clients for expanding the footprint to geographies like the CEMEA (Central and Eastern Europe, Middle East, and Africa) and South-East Asia,” added Liberatha, who is also a trained Kathak and Bharatnatyam dancer.
DreamFolks’ also plans to increase the number of their clients in the banking, tele-communications, OTA, and airlines sectors, and build bespoke domain-specific solutions, tools, and portals for integration and management of the various airport services.
Of course, more railway lounges are in the pipeline. DreamFolks’ currently has eight railway lounges (Paharganj Gate, New Delhi, Ajmeri Gate, New Delhi, Madurai, Ahmedabad, Shelda [Kolkata], Agra Cantt [Agra], Jaipur, Varanasi). “It has only been three months since our first foray into the railway sector. Most passengers are unaware of the lounge facilities at railway stations but I am hoping it will change soon,” added Liberatha.
Flush with the success of the company’s markets debut, Liberatha is not clinging to the laurels though. “Being listed does lend an edge to the company, but I have a long way to go…” When she is not walking that long road to global dominance, Liberatha cooks a scrumptious Goan meal (her godmother is Goan) and twirls to a dulcet ditty.
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