A perfect storm is gathering over the country’s most dominant digital platforms.

Over the last decade in India, billions of dollars have been spent by startups, venture capitalists and tech multinationals as they seek to rewrite entire sectors. In the process, they’ve managed market shares that took their “offline” or “old economy” peers decades to achieve. This has left companies like Zomato and Swiggy; MakeMyTrip and OYO; Flipkart and Amazon the “last players standing” in sectors like dining and food delivery; travel and hotels; and e-commerce.

Their venture capital backers have burned billions of dollars in loss-making businesses in the hope that one day when the fires clear, their companies would end up as natural monopolies.