I feel that there will always be multiple players in every industry. The reason for that is India is a heterogeneous consumer market. There is no one type of homogeneous consumer, where if you’ve captured that consumer, you’ve captured them all. And consumers end up gravitating for a variety of reasons towards particular platforms and gravitating away from certain platforms. Maybe it’s because someone is more focused on consumers of a higher-end demographic and some are focused on relatively more mass consumers. So as a company, you have to figure out which audience are you targeting and have you built the necessary infrastructure and capabilities to cater to the needs of that customer.

You can try and do everything that everyone else is doing and then you will not have a point of view of your own. Chasing down each exclusive launch where you will have to fund potentially, the price, the discount, you have to fund the marketing and you have to take inventory risk — I just don’t know if that’s the right path, or the sustainable path for our industry. We’re not in the gross merchandise value game, we’re very clear about that. We’re in the game for building a profitable company.