DF has no pricing power.It is middle man between lounge operators and other service operators(spa,meet&greet etc) and card issuing companies(banks,network etc…) They do not own the services nor the customers
Hence, they will have to settle with whatever margin bank provides to them.
If there comes a competition who is ready to work with lower margin banks will go with them.
Do note its not very tough business to replicate.
Only play is the huge growth and hoping the margin does not erode much.
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