The lynchpin of this &quot;logical argument&quot; appears to be a Business Standard article that references a Morgan Stanley report that says FK is 4 times as big as AMZN in GMV. While neither of the two authors (and us included) may have the &quot;raw data&quot; that Morgan Stanley supposedly has at its command, we don&#x27;t need to be geniuses to understand that GMV via exclusive deals with one phone manufacturer after another can only buy so much PR runway.<p>What really matters is the bottomline. As Buffett would say, it&#x27;s only when the tide goes out (or in this case, when the funding tap runs dry), do you discover who&#x27;s been swimming naked. Having said that as a consumer, less competition means less deals. So, I do hope all the shopping sites have their swimming trunks on :)