Compared to any other market for Internet startups in the world, India is the least homogenous (type of consumer) and shallow of them all (when you measure it against the size of the population).<p>Good-quality Internet/smartphone penetration is not as deep as you think. If you think it's a market of 1B people, you're sorely off the mark.<p>Then there's the issue of language. 10% or less of the population speaks and understands English.<p>Past that, there's the issue of credit cards/digital wallets and willingness to pay for online services (not just goods).<p>Finally, while there's a massive middle class that does access the web on their phones, most of their usage is limited to facebook, whatsapp, and the like.<p>There are likely less than 50-75M english-speaking, smartphone-enabled, credit-card/wallet-enabled consumers.<p>With time this will get better, but for now I feel like irrational exuberance has gone a little too far in funding 4-5 similar startups in a single category.