GLOBAL ECONOMY
The global economy showed remarkable strength in the face of various challenges this past year. Despite ongoing geopolitical tensions and a cost-of-living crisis affecting many countries, it managed to remain resilient. According to the International Monetary Funds (IMF) latest World Economic Outlook, global GDP growth is now projected at 2.8% for 2025, a moderation from the earlier estimate of 3.3%. The downgrade reflects the cumulative impact of geopolitical tensions, tighter financial conditions, supply chain disruptions, and escalating trade barriers, which are increasingly weighing on cross-border commerce. Global headline inflation, which averaged 5.9% in 2024, is expected to moderate to 4.4% in 2025, as central banks adopt a neutral stance fostering a more favorable environment for investments and healthcare delivery.
Regionally, the United States is expected to expand at 1.8% in 2025, with growth constrained by trade policy uncertainty and its ripple effects on consumer sentiment. China, meanwhile, is forecast to grow at 4.0%, reflecting continued headwinds in real estate and export-linked industries.
Amidst a challenging global backdrop, India continues to chart a strong growth trajectory, with GDP expansion pegged at 6.5% in 2025. This momentum is underpinned by robust domestic consumption, infrastructure upgrades, and a resilient financial ecosystem — all of which are fueling greater mobility, rising discretionary spending, and increased demand across aviation, tourism, and allied service sectors.
Outlook
Overall, 2025 is expected to be a year of moderated global growth, with advanced economies projected to grow at 1.4%, compared to 1.8% in 2024. Emerging markets and developing economies (EMDEs) are likely to expand at 3.7%, down from 4.3% in the prior year. Central banks across geographies are expected to adopt a more balanced policy stance, gradually normalizing interest rates to support growth while managing inflation risks. Despite near-term challenges, a more constructive global trade policy environment could restore business and investor confidence, setting the stage for renewed momentum in the medium term.
INDIAN ECONOMY
Amid a backdrop of persistent global macroeconomic challenges — including elevated inflation, tightening monetary policies, geopolitical disruptions, and supply chain uncertainties — India has emerged as a beacon of stability and momentum in FY2024-25. According to the second revised estimates released by the Ministry of Statistics and Programme Implementation (MOSPI), Indias GDP is estimated to grow by 6.5% in FY2024-25, underscoring the countrys solid macroeconomic fundamentals and strong policy support.
On the demand side, private final consumption expenditure — a key driver of domestic activity — is estimated to grow by 7.3%, buoyed by rising discretionary spending and a notable revival in rural demand. This resurgence in consumption is particularly meaningful for travel, tourism, and aviation, where rising affluence and mobility aspirations continue to spur growth.
From the supply side, real Gross Value Added (GVA) is expected to expand by 6.4%, supported by broad-based sectoral performance. The services sector, in particular, remains a pillar of resilience — projected to grow at 7.2%, driven by strong traction in financial services, real estate, professional and business services, public administration, and defence.
Strong government impetus has played a pivotal role in accelerating growth across the services sector. In FY2024-25, policy focus translated into tangible support for tourism and mobility-led consumption. The Union Budget earmarked INR 2,480 Crores for tourism infrastructure — a 46% hike — complemented by targeted reforms such as MUDRA-backed homestay loans, e-visa simplification, visa-fee waivers, and hospitality skill-building programs to empower MSMEs and youth. Flagship schemes like Swadesh Darshan 2.0 and SASCI collectively sanctioned over INR 8,500 Crore for 100+ tourism development projects, enhancing cultural destinations and visitor experiences. Simultaneously, regional air travel received a major boost under the UDAN scheme, connecting over 579 underserved routes and enabling more than 141 Lakh passenger journeys — making air travel more accessible
Retail inflation in India has consistently moderated over the past three years, easing from 6.7% to 4.6% by FY2024-25. This trend, driven by calibrated monetary policy and targeted government interventions, has helped stabilise prices and improve household purchasing power. In a further boost to demand, the Reserve Bank of India reduced the repo rate by 50 basis points to 5.50% in June 2025, lowering borrowing costs across the economy. The resulting credit stimulus is expected to support private consumption and investment — particularly in discretionary, experience-driven sectors such as travel, hospitality, and premium services.
Indias Retail Inflation on a Decline:
Outlook
According to forecasts by Morgan Stanley, India will become the worlds third-largest economy by 2028, propelled by stable macro fundamentals, consumption-driven growth, and strategic infrastructure investment. Policy tailwinds, and increased budgetary allocations are deepening access and capacity across both urban and emerging destinations. Additionally, digital transformation and rising consumer aspiration are converging to amplify premium, seamless, and experience-driven service ecosystems spanning aviation, hospitality, retail, wellness, and more.
As India enters a phase of consumption-led growth anchored in mobility, convenience, and lifestyle upgrades, the environment is highly conducive for platforms that sit at the intersection of travel, technology, and service innovation.
Sources:
MOSPI Press Release - 30 May 2025Economic Survey 24-25 Indian Economic Outlook-PIB economictimes.indiatimes.com -India to be 3rd largest economy PIB.gov.in- Press Release.
Budget 2025 brings major changes to Indias travel & tourism sector Key Announcements For Toursism Sector
GLOBAL MOMENTUM: TRAVEL, TOURISM, & AVIATION ON A UNIFIED GROWTH PATH
The global travel and tourism industry has emerged as a key pillar of economic growth, demonstrating remarkable resilience and a strong recovery trajectory in the post-pandemic era. In 2024, the market was valued at approximately USD 2.3 Trillion and is projected to expand to USD 3.4 Trillion by 2029, reflecting a robust CAGR of 8%. This anticipated growth is driven by the resurgence of international travel, rising disposable incomes, and the mainstreaming of digital travel platforms. The sectors total contribution to global GDP surged to USD 11.3 Trillion and is expected to reach USD 15.9 Trillion by 2029 — accounting for over 11% of global economic output. According to WTTCs 2025 Economic Impact Research, international visitors spending alone is projected to touch a record USD 2.1 Trillion in 2025, surpassing pre-pandemic peaks.
As the recovery deepens, aviation has reasserted its position as the backbone of global mobility, enabling the resurgence of long-haul travel, international tourism, and global trade. In 2024, the global aviation industry surpassed pre-pandemic benchmarks, with record levels of passenger traffic and profitability. This rebound was fueled by pent- up demand, increased operational capacity, and enhanced cost and fuel efficiencies across carriers and airports. Valued at approximately USD 1.04 Trillion in 2025, the total civil aviation ecosystem — comprising airlines, OEMs, and MRO services — is projected to nearly double to USD 1.97 Trillion by 2034, reflecting a CAGR of 8.1%. Growth is being driven by structural tailwinds such as expanding global middle class, accelerating fleet modernization, and an increasing push towards sustainable aviation and digitally enabled passenger experiences.
Sources:
WTTC.org- Economic Impact of Travel & Tourism sector.
WTTC.Org- Global Travel & Tourism Stays Strong Airports Council International -Global Air Travel Demand.
Global Aviation Market By Geography
(North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa).
| Study Period | 2020-2030 |
| Market Size (2025) | USD 358.85 Billion |
| Market Size (2030) Estimate | USD 524.14 Billion |
| CAGR (2025-2030) | 7.87% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Source: https://www.mordorintelligence.com/industry-reports/aviation-market
As per IATA, during 2025, the global aviation industry is expected to surpass a key milestone, with total revenues projected to exceed USD 1.0 Trillion, reflecting a 4.4% growth over 2024 and marking the first instance of the sector crossing the Trillion-dollar threshold. Operating profit is estimated at USD 67.5 Billion, while net profit is forecasted at USD 36.6 Billion, representing a net margin of 3.6%, marginally higher than the estimated USD 31.5 Billion in CY2024. Ancillary revenues constitute 14.4% of total revenue and are projected to expand to approximately USD 481.3 billion by 2032, growing at a CAGR of 17%, as airlines increasingly monetise non-ticket services such as baggage fees, seat selection, and loyalty programs. Going by the aviation revenue breakdown, passenger travel remains the core revenue source, accounting for over 70% of total airline income, driven by strong demand in both leisure and business segments. Cargo, while normalizing post-pandemic, still contributes a solid 15.6%, supported by e-commerce and global logistics. Ancillary revenues make up 14.4%, reflecting airlines growing focus on monetising services like baggage, seat selection, and loyalty programs to boost profitability. Passenger traffic is expected to increase by 6.7% year-on-year to reach an alltime high of 5.2 billion travellers. These forecasts underscore the continued momentum in recovery and normalization postpandemic, supported by sustained demand, stable fuel prices, and efficiency-focused operations.
| Revenue Source | USD Billion | % of Total Revenue |
| Passenger | 705 | 70.0% |
| Cargo | 157 | 15.6% |
| Ancillary & Other | 145 | 14.4% |
| Total | 1,007 | 100% |
Source: https://www.iata.org/en/iata-repository/pressroom/fact-sheets/industry-statistics/
Challenges & Way Forward
The aviation and travel ecosystem continues to navigate a complex landscape shaped by geopolitical tensions including the Russia-Ukraine and Israel-Palestine conflicts, have introduced fresh uncertainties across global routes, fuel markets, and consumer sentiment. However, a more pressing operational headwind in 2025 is the prolonged disruption in global supply chains, affecting everything from aircraft manufacturing to maintenance cycles.
The global lifestyle industry, encompassing fashion, personal care, and wellness, is a large and growing market driven by rising incomes, digital-native consumers, and increased demand for branded and personalized products. Key drivers include advancements in e-commerce and supply chain innovation, while significant challenges involve optimizing operations and managing high competition and customer expectations. India is a particularly fast-growing market within this global industry, expected to reach USD 210 Billion by 2028, with fashion as its dominant sector.
Source: ddnews.gov.in
Outlook
The long-term trajectory of global air travel remains firmly optimistic, with both demand and infrastructure expansion poised to reshape aviation dynamics through mid-century. According to the IATA Global Outlook for Air Transport (June 2024), passenger journeys are expected to increase by 4.1 billion over the next two decades, reflecting a robust CAGR of 3.8%. Complementing this, ACIs Air Transport Forecast (2024-2053) projects global passenger traffic to reach 22.3 billion by 2053, underpinned by a steady 3.0% annual growth rate from 2024 onwards. These forecasts underscore the resilience of the aviation sector and its continued role as a catalyst for global connectivity and economic integration.
Asia-Pacific is set to remain the engine of global aviation growth. With a projected CAGR of over 5.1% according to IATA and 4.5% per ACI, the region will account for more than half of all new passenger traffic by 2053. India stands out with an anticipated annual growth rate of 6.4%, driven by rapid urbanization, expanding airport infrastructure, and the rise of a consumption-driven middle class. Southeast Asian nations such as Indonesia and Vietnam are also expected to contribute significantly to the regional surge.
The Middle East is emerging as a global transit hub, capitalising ; on its geographic advantage and substantial investments in aviation infrastructure. With a projected near-term CAGR ; of 5.2% through 2030, the region is rapidly strengthening its position as a vital link between East and West. Africa, though starting from a smaller base, shows promising longterm growth with a CAGR approaching 4.0%, supported by population growth, policy reforms, and increased regional connectivity.
In contrast, mature aviation markets such as North America and Europe are expected to expand at more measured rates of 2.5%-3.0%, reflecting demographic shifts and market saturation. Latin America and the Caribbean present a moderate growth scenario, with a 3.3% CAGR bolstered by economic stabilization and renewed tourism activity.
As of 2025, the industry outlook remains cautiously positive. Passenger volumes are projected to exceed pre-pandemic levels, and industry revenues are expected to cross the USD 1 trillion milestone for the first time. These trends collectively point to a global aviation landscape that is not only recovering but evolving—becoming more inclusive, diversified, and strategically aligned with long-term socio-economic shifts.
Top 20 Markets by Total Passenger Traffic Forecast
| Rank | 2023 | 2043 | 2053 |
| 1. | United States | United States | China |
| 2. | China | China | United States |
| 3. | India | India | India |
| 4. | Japan | Spain | Indonesia |
| 6. | Spain | Indonesia | Spain |
| 7. | United Kingdom | Turkey | Turkey |
| 8. | Turkey | United Kingdom | United Kingdom |
| 9. | Brazil | Japan | Mexico |
| 10. | Germany | Mexico | Japan |
| 11. | Italy | Brazil | Vietnam |
| 12. | Russian Federation | Italy | Thailand |
| 13. | Mexico | Russian Federation | Brazil |
| 14. | France | Thailand | Saudi Arabia |
| 15. | Australia | Germany | Russian Federation |
| 16. | Indonesia | Saudi Arabia | Italy |
| 17. | Canada | Vietnam | United Arab Emirates |
| 18. | Korea | France | Germany |
| 19. | United Arab Emirates | United Arab Emirates | France |
| 20. | Thailand | Canada | Canada |
Source: ACI -NEW 30-YEAR FORECASTS HIGHLIGHT ROBUST GROWTH, 26 FEB2025
Sources for Global Aviation Industry:
Mordor\ntell\gence.com- Industry-reports-aviation-market
IATA Press Release Jan 2025 - Global Airline passenger demand 2024
IATA.org- Strengthened profitability expected in 2025 IATA Repository - Factsheet Dec 24 IATA Knowledge Hub- Air Passenger Demand Forecasting IATA repository - Global Outlook for Air Transport June 2024 IATA - Supply chain Issues impact on Global Airlines
GLOBAL AIRPORT LOUNGE MARKET
The global airport lounge market is evolving rapidly, projected to grow from USD 6.01 Billion to USD 10.49 Billion by 2032. Rising demand for premium, comfortable, and productive travel experiences is transforming lounges from luxury perks into mainstream airport essentials. The global airport lounges market is segmented by type and application. By type, offerings include Business Services (Wi-Fi, meeting spaces), Spa (wellness treatments), Sleeping Pods/Rooms (rest spaces for long layovers), and Walk-in Lounges (accessible without prior booking, promoting affordable luxury). By application, the market caters to Personal (leisure-focused comfort and amenities) and Business (work-friendly environments supporting productivity during travel). These diverse services are designed to enhance the passenger experience across different traveller profiles.
Assessing regional growth trends in the airport lounges market, North America is witnessing rapid expansion, propelled by strong business travel demand and frequent flyer engagement, with airlines elevating services through premium amenities and credit card collaborations. Europe is experiencing a revival in lounge usage post-pandemic, driven by investments in sustainable, tech-enabled lounges and broader access through third-party, pay-per-use models. Meanwhile, Asia is recording robust growth, fuelled by increasing affluence and travel activity in markets like China and India, with lounges adapting through culturally inspired designs, enhanced health protocols, and digital service innovations.
Source:
https://www.einpresswire.com/article/776834557/airport-lounge- market-to-reach-usd-10-5-billion-by-2032-growing-at-7-22-cagr-driven-by-rising-air-travelers
AIRPORT LOUNGE MARKET IN INDIA
Indias airport lounge segment is undergoing a significant transformation, driven by the countrys expanding consumer base and growing appetite for premium, value-added experiences. Amid this backdrop, airport lounges are fast becoming a staple of modern travel. What was once a niche luxury has now emerged as a mainstream expectation among Indias increasingly aspirational travellers. This evolution is fueled by a burgeoning middle class, increasing urbanization, and a shift in consumer preferences toward convenience, comfort, and lifestyle-centric offerings. For the financial year 2024-25, private consumption grew at a real rate of 7.2%, compared to 5.6% in FY2023-24. As discretionary spending surges across travel, hospitality, and wellness segments, lounges offer an essential pause point, delivering both comfort and status.
Indias airport lounge market is poised for sustained growth, projected to surpass USD 900 Million by 2029 with an estimated CAGR of 5%. This momentum is further amplified by the digitalization of access models, where traditional barriers to entry are being dismantled through innovation. Lounge access is no longer confined to premium flyers; today, fintechs, credit cards, and lifestyle aggregators are driving inclusivity in access.
The proliferation of travel credit cards offering complimentary lounge access has significantly contributed to the increased utilization of airport lounges among Indian travellers. Indias airport lounge landscape is being reshaped by the evolving preferences of modern travellers, especially the millennial demographic. Recent surveys show that nearly half of Indian millennials now prioritize travel-related benefits such as lounge access when selecting financial products, including credit cards. This shift reflects a broader consumer trend that values comfort, convenience, and premium experiences throughout the journey.
Indian travellers are also among the most frequent lounge users globally. Over 75% of travellers from India report using lounges when the amenity is available-well above the global average of 50%. Furthermore, more than 80% believe that wider lounge access would significantly enhance their overall airport experience. These findings highlight the strong and growing demand for premium airport services in India, driven by a rising mass of aspirational, experience-oriented consumers.
As air passengers have grown, a similar behavioral shift is emerging in rail travel. Daily passenger volumes are reaching 23 million, and annual footfall surpassed 7,150 million in FY2024-25, up more than 5% Y-O-Y. The Indian Railways is undergoing its largest-ever modernization drive. With higherpaying passengers, longer wait times, and upgraded station infrastructure, railway lounges are gaining traction.
Additionally, the increasing use of digital platforms has enabled seamless integration of services like travel insurance, hotel bookings, and car rentals into the booking journey. Travel companies are also leveraging data analytics to offer customised options, enhancing passenger satisfaction and boosting revenue beyond traditional ticket sales. These drivers collectively position India as one of the fastest-growing ancillary markets in global aviation.
Source:
Cognitive Market Research - Airline ancillary sector in India Mordorintelligence.com- Airport lounges market Indias Booming Airport Lounge Market
Airportdimensions.com- How Indian Travelers Are Shaping The Future Of The Airport Experience
https://www.outlookbusiness.com/economy-and-policy/india-private-consumption-at-21-trillion-set-to-be-3rd-largest-consumer-market-by-2026-report
https://indianexpress.com/article/business/indian-railways-passenger-traffic-reserved-class-travel-9920849/
INDIAN AVIATION INDUSTRY
Overview
India is the third-largest domestic aviation market in the world after the U.S. and China, driven by a combination of strong economic growth, rising disposable incomes, and a rapidly expanding middle class. The countrys vast geography and growing urbanization have spurred demand for air travel, particularly among first-time flyers from Tier 2 and Tier 3 cities. According to IMARC Research, the Indian aviation sector is currently being valued at USD 14.47 Billion in 2024 and projected to grow significantly, reaching USD 40.81 Billion by 2033 at a CAGR of 12.2% during 2025-2033.
As of early 2025, India has 159 operational airports, a significant increase from 74 in 2014, reflecting the governments commitment to enhancing aviation infrastructure. This growth is largely attributed to initiatives like the Regional Connectivity Scheme Ude Desh ka Aam Naagrik (UDAN), aimed at improving air travel accessibility across the country. The UDAN scheme continues to play a pivotal role in enhancing regional connectivity. As of early 2025, the scheme has operationalized 619 routes and connected 88 airports across the country. The revised scheme has been extended for an additional 10 years, aiming to connect 120 new destinations and serve 40 millions more passengers over the next decade. This growth aligns with the governments strategic vision to establish India as a global aviation hub. To accommodate this growth, the Government of India has allocated over INR 92,000 Crore toward airport infrastructure development, aiming to increase the number of operational airports to 200 by 2025. This includes both greenfield and brownfield projects, with plans to undertake 50 airport development projects over the next five years. The Ministry of Civil Aviation has set an ambitious target to expand the number of operational airports to between 350 and 400 by 2047.
According to DGCA, Indias domestic air passenger traffic reached 431.98 Lakhs in FY2024-25, up from 391.46 Lakhs in FY2023-24, reflecting a year-on-year growth of 10.35% and Indias domestic air travel market is projected to double, reaching 300 million passengers by 2030. Meanwhile, international passenger traffic is expected to grow at an even faster pace, with estimates from the Centre for Asia-Pacific Aviation (CAPA) India, an increase from 64 million in 2023 to 160 million by 2030.
During the year 2024, significant strides were made in the development and modernization of airport infrastructure across India, reinforcing the governments commitment to expanding aviation connectivity and capacity. Building on the foundation of the Greenfield Airports Policy, which has approved 21 such projects to date, several key airports saw progress in operations and expansions. Alongside physical infrastructure growth, technological advancements were integrated to elevate passenger experience and operational efficiency. The country received its first Cyber Defence Operations Centre in Cochin to bolster aviation cybersecurity, while the Digi Yatra initiative expanded to multiple airports, enabling seamless, contactless passenger processing via facial recognition technology. Sustainability efforts also gained momentum, with airports adopting energy-efficient systems and eco-friendly practices to reduce carbon footprints.
Outlook
As per Mordor Intelligence, the India Aviation Market is projected to grow from USD 14.78 Billion in 2025 to USD 26.08 Billion by 2030, with a CAGR of 12.03%. The governments thrust on improving passenger experience under the UDAN scheme and Gati Shakti master plan, alongside airport privatization and PPP-driven terminal upgrades, has catalyzed demand for airport lounges, concierge services, and travel tech platforms. The focus on modernizing airports and enhancing connectivity is expanding the footprint of passenger-centric offerings, providing a strong runway for growth in premium airport experiences. This holistic growth strategy has positioned India to emerge as the worlds third- largest domestic aviation market by 2024. Furthermore, projections indicate that the countrys air fleet size is expected to double from 600 to 1,200 aircraft during this period.
Study Timeframe (CY2025-30F)
| Market Size (2025) | USD 14.78 Billion |
| Market Size (2030) | USD 26.08 Billion |
| Growth Rate (2025-2030) | 12.03% CAGR |
| title case - Largest Share by Aircraft Type | Commercial Aviation |
Mordor Intelligence - Industry Report- Market Size by 2030
Airbus plans to boost its sourcing from India, targeting USD 2 Billion in annual component and service procurement by 2030, highlighting Indias growing importance in global aerospace manufacturing and supply chains. Global aerospace leaders are progressively forming strategic partnerships with Indian companies to establish manufacturing facilities and research centers, facilitating technology transfer and enhancing local expertise. For instance, Airbus and Tata Advanced Systems have partnered to manufacture the C-295 military transport aircraft in India, marking the first time a military aircraft will be entirely produced by the private sector in the country. Similarly, Boeing has invested heavily in its engineering and technology centre in Bengaluru, named Boeing India Engineering and Technology Center (BIETC). This state-of-the-art facility, built with an investment of INR 16,000 Million, spans 43 acres and represents Boeings largest investment outside the United States. This collaborative approach is reshaping the competitive landscape by bolstering domestic capabilities while sustaining the influence of established international aerospace giants. These synergies are fostering innovation and expanding market opportunities, thereby advancing Indias vision to emerge as a key global hub for aviation manufacturing.
According to Boeings 2024 Commercial Market Outlook, South Asia is projected to be the fastest-growing commercial aviation market globally. To meet the rising demand, Indian and South Asian airlines are anticipated to add approximately 2,835 new aircraft over the next 20 years, effectively quadrupling the current fleet size. Of these, about 2,445 will be single-aisle aircraft, while 370 will be wide-body planes. According to estimates by CAPA and McKinsey, the number of international outbound departures by Indian residents is projected to increase to over 50 Million by 2030 and 90 Million by 2040.This significant growth positions India as one of the worlds fastest-growing outbound travel markets. To accommodate this demand, Indian airlines are expected to deploy an additional 325-350 aircraft on international routes over the next 5-7 years. This expansion will offer Indian consumers a broader range of options, including full-service carriers, low-cost carriers, and leading global airlines.
Sources for the Indian Aviation Industry:
Constructionworld.in- Aviation & airport infra Sansad.in- Ministry of Civila Aviation Passenger terminal show- India aims for 200 airpots by 2025 PIB.gov.in-Major announcements for Civil aviation Imarcgroup.com- Indian Aviation market Mordor Intelligence - Industry Report- Market Size by 2030 Travelradar.aero-10 year extension for UDAN scheme Airbus Bets Big on India, Plans USD2 Billion Sourcing Plan Aviation 2Z.com - Tata & Airbus Collaboration Boeings global engineering, technology campus in Bengaluru Reuters.com- Global Airlines bet India travel boom Live from lounge.com-Air Traffic 2024 analysis Boeing Commercial Market Outlook 2024 Boeing expects Indian, South Asian airlines to add over 2,800 jets NDTV.com- 50 Million Passengers To Fly Out Of India Per Year By 2030 CAPA India says country to have 50+ Million annual outbound travellers by FY2030
GLOBAL HOSPITALITY INDUSTRY
The global hospitality industry surged in 2024, reaching a market size of over USD3.98 Trillion, driven by the resurgence of international travel, rising consumer spending on experiences, and a return to pre-pandemic occupancy and revenue levels across key markets. With travel demand at 99% of 2019 volumes and over 357 million jobs supported by tourism, hospitality has reasserted its role as a cornerstone of the global economy and a catalyst for growth, employment, and cultural exchange.
According to the latest World Tourism Barometer by UN Tourism, an estimated 1.4 billion international tourists were recorded globally, marking an 11% increase over 2023 and representing approximately 140 million additional international arrivals. Several destinations have even surpassed their 2019 tourism volumes, highlighting the sectors strong rebound.
As reflected in the graph above, comparing the international tourist arrivals in 2024, with pre-pandemic 2019 levels, highlights the strong regional momentum and the robust influx of tourists across various geographies. The Middle East maintained its position as the fastest-growing region, recording 95 million international arrivals, a 32% increase over 2019. In contrast, Africa welcomed 74 million visitors, marking a 7% rise over 2019. Europe, the worlds largest inbound region, saw 747 million international arrivals, a 1% increase over 2019, though growth was uneven across Central and Eastern Europe due to ongoing geopolitical challenges. The Americas reached 213 million arrivals, recovering 97% of pre-pandemic volumes, with the Caribbean and Central America outperforming previous records. The region expanded by 7% Y-O-Y. Meanwhile, Asia and the Pacific experienced a notable resurgence, with 316 million international arrivals, achieving 87% of 2019 levels, reflecting a strong recovery trajectory.
TRANSFORMATIVE SHIFTS IN GLOBAL HOSPITALITY INDUSTRY AND TRAJECTORY AHEAD
The global hospitality industry is undergoing a profound transformation, shaped by shifting consumer expectations, technological innovation, and the pursuit of purpose-driven travel. In FY2024-25, the sector saw accelerated adoption of personalization, wellness, and sustainability — trends that are fundamentally redefining hospitality experiences. At the core of this transformation is a move toward hyper-personalized guest journeys, enabled by AI and smart technologies that anticipate needs and elevate comfort. Sustainable luxury is gaining traction, with hospitality brands blending ecoconscious design, renewable energy solutions, and responsible sourcing without compromising on elegance. Wellness travel has also evolved, expanding beyond spas to include mental wellness, nature immersions, and digital detox experiences tailored to a growing cohort of mindful travellers. Technology remains a cornerstone, with contactless services, smart room automation, and immersive interfaces now standard across top- tier properties. The rise of "bleisure" travel — where business and leisure intersect — is reshaping spaces to support flexible work-life balance. In tandem, travellers increasingly seek authentic, culturally immersive experiences, shifting demand from transactional stays to transformative encounters.
The global tourism and hospitality sector shows strong momentum in 2025, having nearly achieved full post-pandemic recovery. International tourism revenues hit USD 1.9 Trillion in 2024, marking a historic rebound. Asia and the Pacific is expected to be the key growth engine, supported by Chinas reopening, improved air connectivity, and visa easing. Countries like Japan, Sri Lanka, and the Maldives have already exceeded pre-pandemic arrival levels. The Middle East continues to gain from regional initiatives like the proposed GCC unified visa, while Africa is emerging as a promising destination through investments in eco-tourism and cultural heritage.
Although geopolitical risks persist, the outlook remains broadly positive. Global tourist arrivals are projected to rise by 3-5% in 2025, underpinned by steady macroeconomic conditions and increasing travel confidence. The wellness tourism segment is poised for exceptional growth. According to the Global
Wellness Institute, the market is projected to grow from USD 651 Billion in 2022 to USD 1.4 Trillion by 2027 (CAGR of 16.6%). This surge reflects increasing consumer focus on preventive health, mindfulness, and immersive retreats — a trend most prominent in Asia and the Middle East.
Looking ahead, 2025 is poised to be a transformative year. Continued integration of AI, machine learning, and automation will further enhance guest personalization — from dynamic booking experiences to AI-powered concierge services. Hospitality brands are increasingly focused on delivering curated, meaningful stays, as demand shifts from conventional accommodations to experiential travel rooted in authenticity, wellness, and sustainability.
Source:
Hospitalitynet.org - The Next Big Things in Hospitality: Trends for 2025 UNWTO.org-World Tourism Barometer International tourism recovers pre-pandemic levels in 2024 Wellness Tourism Will Cross the USD1 Trillion Mark in 2024 WTTC.org - What is the economic impact of Travel & Tourism Globenewswire.com- State of the Hospitality Report 2024: Market Soared to 3.98 Trillion
INDIAN HOSPITALITY INDUSTRY
The Indian hospitality industry has entered a new phase of expansion, buoyed by a strong post-pandemic recovery, increased domestic travel, and supportive government policies. Leaner cost structures, enhanced operational efficiencies, and digital transformation have contributed to stronger balance sheets and improved profitability across major hotel chains and hospitality enterprises. India currently stands as the sixth- largest domestic travel market globally, with travel spending increasing at an annual rate of approximately 9%. In 2023, foreign exchange earnings from tourism reached USD 28.07 Billion, as foreign tourist arrivals grew by 43.5% year-on-year, from 6.4 million to 9.2 million. While this still remains 15.5% below pre-pandemic levels, the trajectory indicates a strong resurgence in inbound travel. Notably, ongoing geopolitical tensions in West Asia and evolving travel preferences in the aftermath of Chinas prolonged lockdowns have redirected global tourist flows toward India, enhancing its appeal as a preferred destination.
The governments proactive stance has further catalysed industry growth. Strategic initiatives like the Special Assistance to States for Capital Investment (SASCI) and Swadesh Darshan 2.0 have unlocked significant funding of INR 3,295.7 Crore across 40 projects and INR 793.2 Crore across 34 projects respectively, for the development of iconic tourist centers and sustainable tourism circuits. These policy interventions, coupled with improved ease of doing business, are fostering a conducive environment for investment and innovation in hospitality. Technological integration is emerging as a transformative force in the Indian hospitality sector. Hotels and resorts are increasingly adopting contactless check-ins, digital concierge services, and personalized guest experiences to elevate service delivery.
Outlook
Indias hospitality market was valued at USD 29.3 Billion in 2024 and is expected to grow from USD 30.78 Billion in 2025 to approximately USD 47.83 Billion by 2034, reflecting a CAGR of 5% over the forecast period. This growth is largely driven by the steady rise in both domestic and international tourism, which continues to expand the demand for travel, accommodation, and experiential services across the country. The hotel segment alone is expected to grow at a CAGR of 9.4% during the same period, driven by a robust pipeline of new properties and growing demand across both business and leisure segments.
The rapid digital transformation of the travel ecosystem continues to be a critical driver, with the countrys online travel market expected to reach USD 19.05 Billion by 2025 and projected to grow at a CAGR of 10.5% to USD 31.38 Billion by 2030. This expansion is fuelled by increasing internet penetration, growing smartphone adoption, and the proliferation of app-based travel solutions.
Simultaneously, the wellness tourism segment is witnessing a robust surge, reflective of a global shift toward healthconscious and holistic travel experiences. Valued at USD 21.31 Billion in 2025, this market is anticipated to nearly double to USD 41.03 Billion by 2030, growing at a CAGR of 14%. Travellers are increasingly seeking destinations that offer preventive healthcare, spa retreats, and immersive wellness experiences, positioning India as a preferred hub for such offerings.
Adventure tourism is also emerging as a strategic growth avenue, with India setting its sights on becoming one of the worlds top 10 adventure tourism destinations by 2047. The sector is targeting 20 million Foreign Tourist Arrivals (FTAs) and 80 million Foreign Tourist Visits (FTVs), with an aim to generate USD 90 Billion in foreign exchange earnings through diversified adventure offerings and ecosystem development. The sectors macroeconomic impact remains significant. The tourism industry is projected to contribute USD 512 Billion to Indias GDP by 2028 and is expected to support approximately 53 million jobs by 2029, underscoring its pivotal role in employment generation and economic development.
Complementing this momentum are robust government initiatives that continue to enhance the sectors infrastructure and policy environment. Programs such as visa fee waivers, destination marketing campaigns, and the Incredible India Content Hub are strategically designed to attract international tourists and promote sustainable tourism practices. With a long-term vision of building a USD 3 Trillion tourism economy by 2047, India is laying a strong foundation for inclusive, resilient, and sustainable sectoral growth.
Sources:
PIB.gov.in- Year End Review-2024: Ministry of Tourism
India Hotels Market - Industry Analysis and Forecast (2024-2030)
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GLOBAL CARD INDUSTRY
The global card industry is undergoing rapid transformation in 2025, driven by the accelerated shift toward digital payments. Non-cash transactions volumes surged to 1,411 Billion in 2023 and are projected to reach 2,838.2 Billion by 2028, reflecting a robust CAGR of 15.0% between 2023 and 2028.
Regionally, Asia-Pacific (APAC) is set to lead in both volume and growth, reaching 1,457.6 billion transactions with a 17.7% CAGR. Latin America is emerging as the fastest-growing region, boasting the highest CAGR of 20.7%, signaling a rapid shift to digital payments. The Middle East and Africa (MEA) also show strong progress with a 13.6% CAGR. Meanwhile, Europe maintains steady growth at 12%, and North America, despite a lower CAGR of 7.3%, continues to be a significant and mature market in the digital payments landscape.
While card payments remain a dominant mode, Account-to- Account (A2A) and instant payments are gaining significant traction as cost-effective and faster alternatives, potentially diverting 15-25% of future card transaction growth. Capgemini forecasts that instant payments will account for 22% of all global non-cash transactions by 2028, posing a major disruption risk to traditional card networks. However, only 5% of banks are currently equipped to scale instant payment infrastructure, creating both a challenge and an opportunity for innovation.
Source:
Capgemini.com- World Payment Report 2025
Treasurytoday.com- Capgemini: the new threat which could cost the credit card industry Billions
Paymentexpert.com- In Europe Tech is Essentials as per Capgemini 2025 Payment report
INDIAN CARD INDUSTRY OVERVIEW
According to PwCs Indian Payments Handbook (2024-29), credit cards in force are expected to exceed 101 million by the end of FY2024-25, continuing a sustained five-year growth trend. Over the next four years, issuance is projected to double to approximately 200 million cards by FY2028-29, supported by a ~15% CAGR. Credit card transaction volume and value are both expected to expand by 21% and 18%, respectively resulting in nearly 9 billion transactions and INR 40 Trillion in cumulative spend.
In contrast, debit cards show minimal issuance growth, remaining near 980-1,000 million cards as of FY2024-25. This could be attributed to the rapid rise of mobile-first payment solutions and the penetration of QR-based UPI platforms in both urban and semi-urban markets.
Amidst these usage trends, innovations in card security and transaction efficiency have also gained ground. Contactless and tokenised transactions are on the rise, with the RBI reporting over 91 crore card-on-file tokens created by the end of 2024. These enabled more than 320 Crore secure transactions amounting to INR 11 Lakhs Crore, replacing the need to store actual card data and significantly reducing fraud risks. Simultaneously, the Payments Infrastructure Development Fund (PIDF) has been instrumental in boosting card acceptance infrastructure. As of November 2024, over 51.5 lakh physical devices and 3.5 crore digital acceptance tools, including QR codes, were deployed nationwide. This push has been especially impactful in Tier 3 to Tier 6 cities, laying the groundwork for broader card adoption.
On the regulatory front, 2024 marked a critical turning point. The RBI mandated that credit card issuers provide customers with the choice of multiple card networks, ending exclusivity agreements and fostering greater competition. Issuers with more than 1 million active cards are now required to allow customers to select their preferred network, enhancing transparency and empowering consumers. The Indian card industry is, therefore, poised for robust growth, supported by favorable demographics, expanding e-commerce, rising disposable incomes, and an increasingly digital-savvy consumer base.
The graphs above depict Indias changing payment card landscape from FY2025 to FY2029 which is expected to undergo a significant transformation, with credit card transaction volumes projected to more than double from 4.4 billion to 9.1 billion, while debit card volumes are set to decline slightly from 2.1 billion to 1.9 billion. In terms of value, credit card transactions are forecasted to rise sharply from INR 22.2 Trillion to INR 41.2 Trillion, indicating growing usage for high- value purchases, whereas debit card values show only modest growth from INR 6.1 Trillion to INR 7.7 Trillion. These trends point to a clear shift in consumer preference toward credit cards, driven by urbanization, financing flexibility, rewards programs, and integration with platforms like UPI.
Sources:
https://www.pwc.in/assets/pdfs/indian-payment_handbook-2024.pdf
https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/PSR270120251BEE95CF47F2426B9740075D405FA070.PDF
Outlook
The Indian card payments industry is poised for substantial growth in 2024, with credit and charge card transactions expected to rise by 15.5%, reaching INR 22.3 Trillion (approximately USD 270.4 Billion), underscoring a pronounced shift towards digital, non-cash payment methods. Debit cards continue to dominate the landscape, buoyed by an expanding banked population and government initiatives such as the Pradhan Mantri Jan-Dhan Yojana (PMJDY). Overall card payments are projected to increase by 11.3%, reaching INR 28.4 Trillion (USD 344 Billion). Notably, co-branded cards are gaining increasing popularity, particularly among younger, tech-savvy consumers, fostering enhanced personalisation and engagement. The sector is witnessing a structural evolution, with issuers transitioning from offering blanket card benefits to more targeted, spend-based rewards. According to RBI data, the average credit card spend rose to approximately INR 1.80 Lakhs in FY2024 from INR 1.68 Lakhs in FY2023, marking a 7.1% increase and indicating sustained demand for premium credit card privileges such as lounge access. Driving this momentum are rapid urbanization and increased internet penetration, supported by the proliferation of smartphones, laptops, and tablets, which have streamlined access to e-commerce platforms. This digital transformation allows businesses to operate efficiently without heavy reliance on physical storefronts, significantly reducing infrastructure and overhead expenses. The Indian e-commerce market is on track for robust expansion, with forecasts estimating a market size of USD 137.21 Billion by 2025 and a CAGR of 21.5% through 2030. Key enablers propelling this growth include rising internet accessibility, widespread smartphone adoption, and government initiatives like the Digital India campaign and the Open Network for Digital Commerce (ONDC), all fostering a more inclusive and scalable digital commerce ecosystem. Additionally, the rapid growth of Direct-to-Consumer (D2C) brands — from 2% to 15% market share over the last five years and expected to sustain a 40% CAGR further energises the sector. Increasing online shopping demand, particularly from Tier 2 and Tier 3 cities, continues to accelerate digital payment adoption and fuels the growing need for payment cards across India.
Sources:
ET Times- UPI enabled credit cards see 20% monthly transactions India card payments market to grow by 11.3% in 2024 India credit and charge card payments market to grow by 15.5% in 2024, Mordorintelligence.com- Indias E-Commerce Market
Global Premium Lifestyle services
As global consumer behavior evolves, premium lifestyle services — like Coffee at Malls, Highway Dining, and Access to members-only recreational facilities — are converging into an integrated ecosystem. These sectors collectively tap into rising affluence, travel frequency, and demand for convenience and exclusivity. Globally, the pay-per-use lounge aggregator platform market, which includes premium cafe and lounge access across mobility and retail venues, reached an estimated USD 1.26 Billion in 2024, and is projected to grow at a robust ~12.7% CAGR, reaching approximately USD 3.75 Billion by 2033.
Indian Premium Lifestyle Services
In 2024, Indias cafe market — including branded coffee shops and cafe chains — was valued between USD 380-564 million, with projected growth at a CAGR of 8-13% through 20252030. This reflects a burgeoning cafe culture, particularly among millennials and Gen Z, with malls becoming preferred social and lounge spaces. Convenience-driven formats — dine- in, takeaway, co-working — all contribute to strong traction, especially in urban centers and Tier 2/3 cities. Premium highway dining points serving express travellers and club memberships are increasingly being integrated into highway infrastructure and mall-cluster formats, led by both standalone operators and partnerships with aggregators.
Indias private club segment is witnessing robust growth, with over 25 operational clubs spread across nearly 1 million square feet with 11,220 registered members. These club provide opulent, exclusive, and private spaces to socialize, network, and set deals.
The market for private members-only clubs reflects strong growth potential. Valued at INR 5,760 million in 2024, it is expected to expand to INR 9,410 million by 2027, registering a robust CAGR of 17.8.
Outlook
Premium cafe and lounge services embedded in retail hubs and travel corridors are redefining hospitality. Consumers expect seamless experiences — whether for coffee in malls, relaxed pit stops on highways, or curated access to club facilities. Aggregators offering bundled access are capitalizing on this shift, delivering concierge-style solutions across multiple venue types, enabled by partnerships with credit cards, memberships, and digital platforms.
Source:
https://www.imarcgroup.com/india-coffee-shops-cafes-market Pay-Per-Use Lounge Aggregator Platform Market Outlook
BUSINESS OVERVIEW
This section presents a holistic view of the Companys operations, strategic direction, and overall performance. It offers shareholders and investors a clear understanding of our core business functions, the markets we serve, and key operational highlights. The overview sets the context for the detailed analysis that follows, including financial performance, growth drivers, and associated risks.
Company Overview
We are a global travel and lifestyle services aggregator, offering a broad suite of solutions through our proprietary technology platform. The Company manages the entire gamut of benefits offered by its global clients, to their end customers, using in-house technology platform, which helps in curation and administration of such benefits for our clients, ranging from card issuers and card networks to enterprises. As the pioneer of the lounge access industry in India, DreamFolks holds 100% coverage across all operational airport and railway lounges in the country. We proudly manage lounge and travel benefit programs for some of the most prominent banks and card networks in India, offering seamless access to premium experiences across 3,000+ global touchpoints.
DreamFolks offers a comprehensive range of services designed to enhance and personalize every aspect of the travel and lifestyle experience. We have consistently expanded our portfolio to include a diverse set of value-added services like Railway Lounge Access, Meet and Assist, Golf Games and Lessons, curated Food and Beverage offerings, Spa services, Airport Transfers, Beauty & Grooming, E-SIM connectivity, Healthcare, premium lounges at Visa processing centers, Gifting Services, and Ultra Luxury Experiences such as access to members-only recreational facilities, Coffee at Malls, Baggage wrapping & Excess Baggage.
Over the years, we have moved far beyond lounges to become a true enabler of premium travel and lifestyle experiences. As of FY2024-25, we further strengthened our service bouquet by onboarding six new lifestyle offerings, taking our premium offerings to over 20 services. These include:
O Coffee at Malls O Pay-and-Use Services O Highway Dining Access O Baggage Wrapping Services O Excess Baggage Allowance for Premium Customers O Access To Members-Only Recreational Facilities Airport Lounge Access
We offer comprehensive lounge access across all operational airport lounges in India, including high-traffic hubs. We have 800+ lounges as a part of our offering across the globe.
Meet and Assist
We provide personalized assistance through our Meet and Assist services, available at over 400 airports worldwide. These services cover both arrival and departure terminals and include support with check-in, security clearance, baggage handling, and lounge access, ensuring a smooth airport experience for every traveller.
Railway Lounge Access
Extending our expertise beyond airports, we offer lounge access at 14 major railway stations across India, with 100% coverage. This expansion is aligned with our goal of enriching multimodal travel experiences for our users.
Golf Games and Lessons
We enable access to over 60 golf courses in India and 800+ globally. Our golf experiences are tailored to offer users relaxing and networking opportunities across world-class venues.
Recreational Facilities
We bring the world of exclusivity to our users through 3,000+ members-only premium recreational facilities across 100+ countries. This high end luxury service offers users opportunities for networking, meeting & dining.
Food and Beverage Offerings
We offer curated F&B experiences at airports, allowing our users to enjoy specially designed vegetarian and nonvegetarian meal combos.
Spa Services
Our airport spa services offer therapies like head, neck, and shoulder massages, and foot reflexology. These treatments, delivered in partnership with trusted spa brands, are designed to rejuvenate travellers on the go.
Airport Transfer Services
We facilitate reliable and comfortable airport transfers — both pickups and drop-offs — across major cities in India and select international locations. This service includes wide variety of cars across 150+ airports in India and overseas, offering premium, safe, and reliable ground transport solutions to our users. These services are an essential part of our end-to-end travel experience offering.
Visa-at-Your-Doorstep
In collaboration with a leading visa service provider, we offer premium lounges at visa application centres along with Visa- at-Your-Doorstep services. This is a solution designed to transform your visa application experience into a convenient and stress-free journey that allows customers to submit their visa applications from the comfort of their homes or offices. Additionally, the lounge service at the visa center creates a stress-free and comfortable setting, transforming visa formalities into a smooth, premium experience.
Healthcare
Through our strategic healthcare partnerships, we enable clients to extend annual health check-ups and diagnostic testing services to their customers seamlessly integrated into their existing lifestyle benefits. This initiative is aligned with our broader goal of enhancing wellness-centric travel experiences, supporting end-to-end journey wellbeing.
Gifting Services
We offer curated gifting options through our platform, allowing users to send flowers, cakes, planters, and more to their loved ones across locations. This value-added service enhances the emotional connection between our clients and their consumers, enriching the loyalty ecosystem we help them build.
E-SIM
Our partnership with a leading global travel SIM provider enables us to offer pre-activated international e-SIMs to travellers in 100+ countries. This ensures reliable connectivity from the moment they begin their journey eliminating the need for local SIMs and enhancing convenience for global travellers.
Beauty and Grooming
Through partnerships with top-tier salon brands, we offer beauty and grooming services at 200+ premium outlets across India. These services include styling, skincare, and grooming solutions delivered by professional experts, aimed at amplifying customer delight and enhancing our clients loyalty offerings.
Highway Dining Access
DreamFolks extended its premium travel footprint beyond airports with the launch of Highway Dining Access. Designed to enhance long-distance road travel, the offering gives users seamless access to curated highway restaurants.
Baggage Wrapping and Excess Baggage
Baggage Wrapping is a convenient way to secure luggage, protecting it from damage, and tampering. The service involves encasing suitcases in durable plastic wrap, ensuring travelers belongings remain safe and intact throughout their journey. While, the Excess Baggage service helps in shipping your excess baggage affordably. Avoid hefty airline fees and travel stress-free.
Pay-and-Use
To democratize access to comfort across all forms of transit, DreamFolks launched Pay-and-Use service. This initiative enables travellers including those without credit or debit card privileges to access Dreamfolks wide range of services.
Coffee at Malls
Further expanding its lifestyle ecosystem, DreamFolks introduced Coffee at Malls — a loyalty-linked offering that grants members access to premium coffee outlets in malls across India at 250+ outlets in over 175+ malls across 50+ cities, including Tier 1 and Tier 2 locations. The initiative is aimed at enriching everyday lifestyle touchpoints beyond travel.
Valet
You can save time and avoid the hassle of parking with DreamFolks Valet service at leading malls across India. Enjoy added convenience and a premium experience for every customer.
Flywheel Effect
At DreamFolks, we are building a self-reinforcing growth model - our "flywheel." As we onboard more clients seeking premium travel and lifestyle solutions, demand for high-end services grows. In response, we expand our offerings, which in turn makes us a more attractive partner across banking, travel, and enterprise sectors. This cycle of growing usage, expanding services, and deepening partnerships strengthens our market leadership and creates a robust competitive moat. In FY2024- 25, this effect was evident in our onboarding of 30+ new clients in the Enterprise and Banking industry and 6 new services, pushing our premium offerings to over 20 unique experiences.
OPERATIONAL REVIEW
The fiscal year 2024-25 marked a year of strategic consolidation and intelligent expansion for DreamFolks Services Limited, as we continued to build on our position as Indias leading travel & lifestyle services aggregator. Our core focus was to expand our portfolio beyond lounges and deepen integration with enterprise and banking clients, thus reinforcing our leadership in a fast-evolving consumer ecosystem.
During the year, we onboarded six new premium services, taking our total lifestyle offerings to over 20 curated experiences. These additions included Highway Dining, Pay- and-Use, Coffee at Malls, Excess Baggage Allowance, Baggage Wrapping, and Access to members-only recreational facilities globally. These services complement our growing presence in Golf Games and Lessons, E-SIMs, Airport Transfers, Healthcare, Beauty & Grooming Services, and Gifting, creating a holistic travel lifestyle ecosystem for our clients end users.
Extending our lounge access touchpoints beyond airports to railway stations, visa application centers, and highways, we maintained 100% coverage across both airport and railway lounges in India. During the year in review, we added 300+ global lounges, 350+ golf courses, significantly enhancing service accessibility and footprint, reaching 3000+ touchpoints. To support this growing service portfolio, we intensified our efforts to diversify our client base, onboarding 30+ new enterprise and banking clients during the year, spanning industries like fintech, e-commerce, and mobility. Simultaneously, we deepened engagement with existing clients by expanding the range of services offered, thereby increasing wallet share and enhancing customer satisfaction.
Outlook: Scaling Beyond Lounges with Lifestyle-Centric Growth
DreamFolks has taken significant steps toward evolving from a lounge aggregator into a comprehensive travel and lifestyle services platform. While airport lounge access continues to anchor the business, its relative contribution is gradually moderating. The share of non-lounge services increased from 5.8% in FY2024 to 6.7% in FY2025, reflecting early success in portfolio diversification.
Looking ahead, the Company has articulated a clear five-year roadmap to expand the share of these high-potential, premium lifestyle services to to be a major contributor of total revenue. This shift will be driven by offerings such as Coffee at Malls, Access to members-only recreational facilities, Highway Dining, Golf Services, and Meet & Assist, alongside deeper penetration into enterprise client segments.
With strong execution in FY2025 — including onboarding 30+ new enterprise clients, launching six new services, and expanding presence across Tier 2 and Tier 3 cities — DreamFolks is well-positioned to capitalize on this diversification strategy.
FINANCIAL OVERVIEW
In FY2024-25, DreamFolks Services Limited sustained its strong growth momentum, reporting a 13.8% Y-O-Y increase in revenue from operations, which rose to INR 12,918.8 million, compared to INR 11,350.1 million in FY2023-24. This growth was driven by an expanded portfolio of premium services, deeper penetration across banking and enterprise clients, and continued global scaling of touchpoints. Despite rising operational costs associated with network expansion and strategic hiring, EBITDA remained stable at INR 973.0 million, reflecting the Companys focus on operational efficiency. While the EBITDA margin stood at 7.5% in FY2025, reflecting strategic investments in talent and service expansion, the overall profitability remained robust and consistent with our long-term growth ambitions. Profit after tax for the year was INR 650.5 million, reinforcing our commitment to sustaining earnings strength even as we scale operations.
Capital Efficiency
In FY2024-25, DreamFolks continued to demonstrate disciplined capital efficiency and robust profitability, even as it invested in expansion and service diversification. The Company reported a Return on Equity (RoE) of 24.2% and a Return on Capital Employed (RoCE) of 29.7%, underscoring our ability to generate strong shareholder value and deliver high returns on the capital deployed across our capital efficient operating model.
One of our key strategic investments this year was in building a high-performing workforce to support our growing service portfolio. Employee benefit expenses stood at INR 425.7 million in FY2024-25, largely attributable to our scale- up across new services, client segments, and operational geographies. Notably, employee costs remained well-contained at approximately 3.3% of total revenue, highlighting our continued emphasis on operational efficiency. The Adjusted EBITDA of INR 1,020.8 million and Adjusted EBITDA margin of 7.9% reaffirm our balanced approach between growth investments and margin preservation.
Profitability Trajectory
Over the past two years, DreamFolks has demonstrated a remarkable 29.4% CAGR in revenue from operations, underscoring the strength of its scalable business model and successful diversification beyond lounge access. This robust top-line growth reflects consistent expansion across premium service verticals and deeper wallet share with banks, card networks, and enterprise clients.
While Adjusted EBITDA remained steady in absolute terms, the CAGR of (1.2%) reflects a strategic reallocation of resources towards scaling operations, enhancing service delivery, and investing in long-term enablers such as technology and human capital. Despite these calibrated investments, the Company preserved its profitability discipline.
The PAT though modestly declining, remains a result of margin dilution driven by increased employee and service costs an outcome of growth-focused reinvestment. Notably, PAT margins remained healthy and reflect the Companys ability to sustain earnings while driving scale.
Significant Changes in Key Financial Ratios
Key Financial Ratios |
FY2025 | FY2024 | Explanation of Variation Of 25% or More In Key Financial Ratios |
Debtors Turnover |
4.6 | 4.9 | NA |
Interest Coverage Ratio |
26.1 | 91.8 | Impact of one-off provisional interest of INR 20 millions in FY2025. |
Current Ratio (in Times) |
2.5 | 2.3 | NA |
Debt-Equity Ratio (in Times) |
0.0 | 0.0 | NA |
Operating Profit Margin (%) |
7.2% | 8.2% | NA |
Net Profit Margin (%) |
5.0% | 6.0% | NA |
Return on Net Worth (%) |
24.2% | 34.9% | Decrease as absolute net profit was constant but average equity increased as compared to previous year. |
MARKET OPPORTUNITIES AND OUR STRATEGIC IMPERATIVES
The global travel and lifestyle aggregation ecosystem is undergoing a structural transformation, unlocking significant growth potential in lounge access, airport services, and ancillary offerings. Several macroeconomic and behavioral tailwinds are converging to expand the addressable market, create new service layers, and raise consumer expectations for seamless, personalized travel experiences.
Rising Passenger Volumes & Airport Infrastructure Expansion
In FY2024-25, Indias domestic aviation market sustained robust momentum, with total passenger traffic climbing to ~16.1 crore passengers — a 10.3% increase over the previous year and markedly above pre-COVID levels. Over the next decade, this momentum is expected to continue, driven by an expanding middle class, improved connectivity, and growing regional air traffic. The governments push to increase the number of operational airports to over 200 by 2035 and large-scale infrastructure upgrades create a favorable operating environment for airport-based service providers. This expansion will not only raise footfalls but also increase demand for high-quality airport experiences, including lounges, concierge services, and curated retail. We are actively positioning ourselves to capitalize on this wave by expanding our presence across new airports, railway lounges, and regional transport hubs. By aligning our service footprint with these infrastructure expansions, we aim to serve a rapidly growing base of travellers in emerging and underserved locations.
UDAN & Regional Connectivity
The updated UDAN scheme plans to connect 120 additional destinations, including helipads and remote airports, targeting 40 million new travellers over the next decade. To capture this emerging opportunity, we are actively mapping service expansion into new regional airports, offering scalable loungelike amenities and ancillary benefits tailored for smaller hubs.
Financial Inclusion Unlocking a New User Base
As more users adopt digital payments, the demand for embedded travel and lifestyle privileges is expected to grow significantly. We are working closely with banks, fintechs, and payment networks to introduce tiered incentives and experiential benefits that reward first-time and evolving card users. By aligning our offerings with Indias financial inclusion goals, we aim to broaden our addressable market and deepen customer engagement at scale.
Acceleration in Credit Card-Based Access Models
According to PwC, the number of credit cards in force in India surpassed 101 million by the end of FY2024-25, reinforcing the countrys accelerating shift toward digital credit instruments. This expansion is a result of greater financial inclusion, lifestyle- driven consumer behavior, and targeted product innovation by issuers.
Looking ahead, PwC projects that Indias credit card base will double to ~200 million cards by FY2028-29, growing at a 15% CAGR. Alongside this, annual credit card transaction volumes are expected to increase by 21% and transaction values by 18% over the same period — indicative of growing usage intensity and spend per user. Recognizing this trend, we strategically partner with banks, credit networks, and fintechs to integrate premium services like lounge access, concierge, and wellness perks into their loyalty offerings. We design flexible programs that enhance the perceived value of card products while driving engagement.
Advanced Digital & Hybrid Engagement
The industry is shifting toward digital-first, contactless experinces such as mobile boarding, QR access, digital checkins, and real-time analytics-driven up-sell models. Todays travellers expect convenience, control, and instant access. With widespread adoption of QR-based entry, contactless service, and mobile-first experiences, the future lies in intelligent, integrated platforms.
To meet this expectation, our proprietary omnichannel platform delivers seamless digital access across mobile apps, issuer platforms, and kiosks. Backed by AI-powered chatbots, predictive analytics, and card-linked service bundles we personalise offerings, enable real-time decisioning, and help clients optimize usage-based models. This data-centric approach enhances satisfaction while improving program-level ROI for our partners.
Rise in Discretionary Spending
As post-pandemic incomes recover, discretionary travel is rebounding. Consumers are prioritizing experiences over goods, spending more on leisure, exploration, and premium comfort. This shift plays directly to our strengths. Our portfolio of premium lifestyle offerings, ranging from airport lounges and golf access to wellness, grooming, and gifting services positions us to cater to travellers who seek more from every journey.
Value-Added Services as Differentiators
To stay ahead in an increasingly competitive landscape, aggregation of value-added services (VAS) is critical. Over the past year, we have introduced Golf Games & Lessons, Meet & Assist, Railway Lounges, Spa & Beauty Services, and Airport Transfers — in collaboration with top-tier partners. These services not only enhance end-user experience but also unlock new monetization models and strengthen client relationships. By expanding from airport touchpoints into holistic lifestyle aggregation, we are evolving from a transactional platform into a full-stack experience ecosystem.
Evolving Work-Leisure (Bleisure) Trends
The blending of business and leisure travel (workcations) is expanding demand for premium and convenience-led travel solutions, with travellers seeking comfort and connectivity. We are developing tailored packages that combine lounge, Wi-Fi, spa, and transit services designed specifically to support the modern bleisure travellers hybrid lifestyle.
Lounge Ecosystem Entering a High-Growth Phase
With the global lounge industry expected to grow at a CAGR of 7.5% (2023-2033), driven by airport privatisation and rising luxury travel demand, the potential for third-party aggregators is unprecedented. We are expanding our lounge network across international airports while simultaneously onboarding value-added services like spa, gourmet dining, and concierge experiences. Our scalable platform and strategic tie-ups with international aggregators help us unlock new geographies and strengthen our global footprint.
Enterprise Partnerships Outside Aviation
Beyond traditional airline and financial services, sectors like hospitality, e-commerce, wellness, and corporate travel are seeking experiential loyalty programs. We are extending our lifestyle aggregation model via API-driven integration, that allows enterprise clients across industries to integrate our lifestyle service such as grooming, golf, gifting, and spa directly into their consumer ecosystems.
OUTLOOK
As we transition from a year of strategic consolidation into an era of measured expansion, our focus at DreamFolks is firmly anchored in long-term value creation, diversification, and globalization. FY2024-25 reaffirmed the resilience of our business model despite macroeconomic adjustments, particularly the industry-wide shift towards spend-based benefit models. These evolving dynamics have not only validated the strength of our proprietary platform but also shaped the blueprint for our next phase of growth.
With a solid foundation in lounge aggregation and an expanding bouquet of over 20 premium travel and lifestyle services — including railway lounges, travel dining, spa & wellness, baggage wrapping, golf access, and members-only recreational facilities — we are poised to elevate our positioning from a travel enabler to a holistic lifestyle aggregator. In FY2024-25, services other than airport lounges contributed 6.7% to revenue, and we expect them to make a major contribution soon.
We have set a clear strategic goal to expand our, non-lounge services while continuing to lead in our core aggregation business. This ambition is grounded in expanding our presence across enterprise clients, forging global partnerships, and building a modular platform that can serve diverse user cohorts and geographies. Our recently introduced services — such as Coffee at Malls and Pay-and-Use programs — are specifically designed to target under-penetrated non-metro cities, broadening our demographic and geographic footprint. Our client acquisition momentum remains robust. We onboarded 30+ enterprise clients across travel, loyalty, and fintech sectors.
Technological innovation continues to underpin our growth. Our omnichannel digital infrastructure — now extended to cover real-time voucher issuance, self-check-in kiosks, and spend-based dynamic eligibility — positions us to deliver personalisation at scale. As banks and enterprises increasingly shift towards usage-linked service models, our integrated architecture allows for rapid deployment of tailored benefit stacks, enhancing both client ROI and end-user satisfaction.
With clear visibility into demand drivers such as rising premium travel, increasing credit card penetration, and expanding airport infrastructure, we are confident in our ability to lead the transformation of travel and lifestyle services in India and abroad.
THREATS
In the rapidly evolving and highly interconnected travel ecosystem, we remain acutely aware of the diverse threats that could potentially impact our operations, customer experience, and stakeholder value. One of the foremost concerns in todays digital age is cybersecurity. Protecting customer and client data is not just a compliance necessity — it is a cornerstone of our credibility. Accordingly, we have made significant investments in strengthening our cybersecurity infrastructure. Our systems are fortified with advanced technologies and governed by robust protocols to ensure end-to-end data security and privacy.
Equally important is our ability to remain agile in the face of changing market dynamics. Consumer preferences, technology adoption cycles, and global events can shift rapidly, redefining expectations almost overnight. To stay ahead, we continuously monitor industry trends and customer behavior using deep analytics and structured market intelligence. This insight- driven approach enables us to anticipate shifts, respond swiftly, and evolve our offerings to remain relevant and competitive.
We also recognize the importance of being prepared for unforeseen disruptions ranging from geopolitical events and public health crises to climate-related incidents. As a safeguard, we have established comprehensive contingency plans and scenario-based response frameworks that enhance our organizational resilience. These plans are regularly reviewed and tested to ensure operational continuity under adverse conditions.
By taking a proactive stance on risk management and investing in both strategic foresight and operational readiness, we are confident in our ability to navigate uncertainty while delivering long-term value to our partners and customers.
| Type Of Risk Exposure | Key Factors | Mitigation Measures |
| OPERATIONAL RISKS | ||
| Dependence on Card Networks and Financial Institutions: Strategic relationships with banks and card issuers are crucial for revenue generation. | We continue to diversify partnerships to avoid overreliance on any single institution while nurturing strong relationships across multiple financial partners. | |
| Contract Retention and Negotiation: Inability to renew or successfully renegotiate key contracts can adversely affect margins and overall performance. | Robust contract management practices and contingency frameworks are in place to ensure quick onboarding of alternate partners if required. | |
| Operational Risks | Dependence on Operators and Airport Service Providers: Reliance on third-party service providers, particularly lounge operators, is critical for customer access. | DreamFolks has instituted a diversified partner ecosystem built on long-term, strategic collaborations. The Company actively partners with multiple operators within each airport and service category, ensuring redundancy and continuity in service delivery. |
| Exposure to the Air Travel Industry: Heavy reliance on the aviation sector exposes us to demand fluctuations during disruptions such as pandemics. | We are diversifying our service offerings and touchpoints to reduce dependence on air travel, building more resilient and flexible business models. | |
| External Variables (Fuel Prices, Policy Shifts, Airline Dynamics): Changes in airline operations, fuel costs, or government policy may affect revenue and financial performance. | Active monitoring of macroeconomic and regulatory developments enables us to make timely strategic adjustments to minimize the impact of such variables. | |
| MARKET RISKS | ||
| Market Saturation in India: A maturing domestic market may constrain long-term growth. | We are expanding into global markets and focusing on product innovation to stay ahead of competition and tap new revenue streams. | |
| Market Risks | Regulatory Uncertainty: Evolving regulations across banking, finance, aviation, and airport operations can pose business risks. | Ongoing engagement with regulatory bodies and policy stakeholders allows us to remain informed and advocate for favorable industry conditions. |
| Client Concentration Risk: Dependence on a few large clients may increase exposure to commercial or compliance penalties. | Our client base is being continuously diversified. We have instituted robust risk evaluation mechanisms to proactively mitigate key-client dependencies. | |
| STRATEGIC RISKS | ||
| Execution of Strategic Initiatives: Timely and efficient execution is essential for realising desired outcomes. | Monitor progress regularly and adapt plans based on business performance and market developments. | |
| Dependence on External Conditions: Strategic outcomes can be impacted by changing market or policy environments. | Conduct regular scenario analysis and build flexible strategies that can adapt to evolving external conditions. | |
| Strategic Risks | Leadership and Resource Allocation: Lack of leadership bandwidth or suboptimal deployment can impair implementation. | Strengthen leadership development and succession planning. |
| Resource Constraints: Limited resources may delay or reduce the effectiveness of strategy execution. | Optimize allocation through prioritisation and longterm financial planning. | |
| Stakeholder Engagement: Ineffective engagement can impact alignment and execution of key decisions. | Maintain continuous communication and feedback mechanisms to build alignment with internal and external stakeholders. | |
| CYBERSECURITY RISKS | ||
| IT System Disruptions: Interruptions to systems may cause operational delays or service lags. | Invest in robust IT infrastructure and disaster recovery protocols. Conduct periodic system audits and simulations. | |
| Cybersecurity Risks | Cyber-Attacks and Data Breaches: Breaches can lead to loss of client trust and legal consequences. | Deploy enterprise-grade cybersecurity tools and conduct employee awareness training. Maintain cyber insurance to limit financial impact |
| Protection of Proprietary Data: Unauthorized access may compromise competitiveness. | Use advanced encryption and data protection protocols. Carry out regular penetration testing and risk reviews. | |
| Intellectual Property Theft: IP theft or misuse can cause reputational and legal exposure. | Secure intellectual property rights and monitor for violations. Enforce legal protections proactively. | |
| FINANCIAL RISKS | ||
| Client Payment Delays or Defaults: Delays can affect cash flow and operational continuity. | Conduct thorough credit assessments. Strengthen invoicing, collections and recovery mechanisms. | |
| Credit Risk from Receivables: Accumulation of receivables may increase financial exposure. | Monitor client receivables closely. Diversify client base and tighten credit controls. | |
| Financial Risks | Foreign Exchange Fluctuations: Currency volatility may impact revenue and margins. | Use appropriate hedging tools to manage forex exposure. Continuously assess currency risks. |
| Legal and Compliance Risk: Litigations and regulatory actions may affect business continuity and financial health. | Monitor legal risks actively. Maintain appropriate provisions to mitigate material liabilities. |
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
We have instituted a comprehensive internal control framework that is well-aligned with the scale and complexity of our operations. This framework reflects our unwavering commitment to ethical conduct, governance excellence, and operational discipline.
Our internal control systems are structured to support the achievement of strategic objectives, drive operational efficiency, and ensure compliance with applicable laws and regulations. These systems are designed to mitigate risks related to errors, fraud, and unauthorized transactions while safeguarding assets and enhancing the accuracy and reliability of both financial and operational reporting. Regular monitoring and evaluation are integral to our approach. The effectiveness, adequacy, and relevance of controls are assessed periodically to ensure they remain fit-for-purpose in a dynamic operating environment. These checks provide reasonable assurance regarding the integrity of accounting records, compliance with internal policies, and the execution of transactions in accordance with management authorization.
Oversight of the internal control environment rests with the Audit Committee of the Board, which reviews the annual audit plan, examines key audit findings, and ensures timely corrective actions are undertaken to reinforce the control ecosystem. Our internal audit function plays a pivotal role in this process. Through a structured, risk-based audit approach, the internal audit team evaluates key business processes and internal controls. The Internal Auditor reports independently to the Audit Committee, which reviews audit observations and monitors the implementation of recommended actions to further strengthen the Companys governance and assurance mechanisms.
HUMAN RESOURCES
Investing in People to Power Growth
At DreamFolks, our people are not just enablers — they are the foundation of our platforms agility, innovation, and premium service delivery. FY2025 marked a pivotal year in our human capital strategy, as we significantly invested in workforce expansion, aligning talent priorities with our long-term vision of becoming a leading access-as-a-service platform across travel and lifestyle domains.
With a lean yet high-impact team of 110 professionals, we strengthened our organizational capacity to support the onboarding of over 30 new enterprise clients and the rollout of six new service categories beyond lounges. This included growing teams across sales, client onboarding, product integration, and partner management, ensuring the enterprise business vertical has the depth and responsiveness it requires to scale. A deliberate move to build internal capabilities that match our platforms expanding scope - from Airport Lounges to Highway Dining, Coffee at Mall, Access to Members-Only Recreational Facilities. airport lounges to highway dining, Coffee at mall, Access to members-only recreational facilities.
LEARNING & DEVELOPMENT
Continuous learning is embedded in our culture. We offer skill enhancement programs and ongoing training modules to ensure our workforce remains future-ready and aligned with our rapidly evolving service landscape. Our strategic focus on automation and process efficiency is complemented by a workforce that is adaptive, quality-focused, and technologically empowered.
We go beyond regulatory requirements to uphold rigorous health, safety, and hygiene standards at all our office locations. Clean and well-equipped restrooms, proper waste management systems, and periodic sanitation audits underscore our commitment to employee well-being. Recognizing the importance of mental and emotional well-being, we encourage a culture of openness and support through initiatives such as stress management workshops, access to counseling services, and employee engagement programs. Our holistic approach to wellness is further supported by comprehensive health and accident insurance coverage, ensuring our teams financial security and timely access to healthcare.
At DreamFolks, we believe a motivated and well-supported team is central to our long-term success. As we scale our offerings and expand our client base, our people remain our strongest differentiator championing service excellence, innovation, and client satisfaction.
INFORMATION TECHNOLOGY
At DreamFolks, technology is not just an enabler; it is a strategic differentiator that powers our robust business model and underpins our operational scalability. Our in-house proprietary, cloud-native technology platform forms the backbone of all service delivery and client integration efforts, enabling us to remain agile, cost-efficient, and highly responsive to evolving market demands. Our omnichannel access architecture, built around a hybrid technology facilitates seamless service delivery through multiple touchpoints — DreamFolks app, partner apps, credit and debit cards, issuer platforms, selfcheck-in kiosks, and web-based portals. This allows us to offer a frictionless consumer journey and maximizes platform interoperability across banks, card networks, airlines, and enterprises.
By harnessing our advanced, cloud-native technology platform, we empower clients to move beyond static benefits and embrace highly personalized, data-driven engagement strategies. Our modular architecture allows us to offer bespoke solutions that align with each partners unique customer segments and business goals delivering value far beyond the conventional one-size-fits-all model. We deliver a high-quality, differentiated Costumer Value Proposition (CVP), tailored to each clients target audience. Additionally, our system architecture enables real-time visibility into benefit utilization, allowing partners to monitor, analyze, and optimize product-level P&Ls, and implement targeted rewards for high- value users.
We are at a pivotal moment in our journey, undertaking a major transformation in our technology landscape. This strategic shift is driven by a modern, cloud-based platform that enables real-time collaboration, supports scalable growth, and ensures rapid responses to customer feedback. What was once a basic operational tool has now evolved into a powerful strategic asset, delivering personalized, intuitive experiences tailored for our clients tech-savvy customers. Our adaptable in-house technology infrastructure positions us to be future-ready — empowering us to support the significant expansion of our enterprise client base and extend our offerings beyond lounge services.
Our systems are fully compliant with Payment Card Industry Data Security Standard (PCI DSS) Version 4.0, reflecting our commitment to safeguarding sensitive consumer and transaction data. Continuous monitoring, regular threat assessments, and proactive mitigation strategies are undertaken by our dedicated IT security team to ensure robust protection against cyber risks in an increasingly digitized ecosystem.
INVESTOR RELATIONS
We remain steadfast in our commitment to deliver transparent, timely, and consistent communication with our investor community. Our investor engagement practices are benchmarked against global best standards to ensure credibility and trust. Also, we have a dedicated Investor Relations (IR) team that serves as a bridge between the Company and its stakeholders, facilitating proactive engagement through regular updates, meetings, and disclosures. Periodic interactions are conducted with institutional and retail investors to provide insights into our financial performance, strategic developments, and future outlook.
The leadership team, including the Chairperson & Managing Director, Executive Director & Chief Technology Officer, Chief Financial Officer, and Chief Business Officer, works closely with the IR team to represent the Company across investor forums, media platforms, and analyst briefings. We ensure equitable access to all material information through timely disclosures to stock exchanges and updates on our website www.dreamfolks. com which features a comprehensive Investor Information section.
Our quarterly earnings announcements are accompanied by investor presentations and earnings calls, with call recordings and transcripts made available on our website. All key updates — including financial results, regulatory submissions, corporate presentations, and schedules of analyst and investor interactions — are published online to ensure transparency and ease of access.
CAUTIONARY STATEMENT
The Management Discussion and Analysis section contains forward-looking statements regarding our Companys objectives, projections, estimates, and expectations, as defined by relevant securities laws and regulations. Actual outcomes may deviate significantly from these statements. Key factors that may impact our Companys performance include, but are not limited to, economic conditions influencing demand, supply, and pricing in both domestic and international markets; changes in government regulations, tax laws, and other statutes; and events such as epidemics, pandemics, and natural disasters beyond our direct or indirect control. It is important to note that the financial ratios presented in the notes accompanying the Financials differ from those in the Management Discussion and Analysis. The ratios in the Financials are calculated strictly according to the formulas prescribed in the Guidance Note issued by the ICAI, while the figures in the Management Discussion and Analysis are based on business metrics and commentary, which may not align with the Annual Reports Financials. Acknowledging the inherent uncertainties and unpredictable elements is essential for accurately interpreting these forward-looking statements.
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