At The Ken we tend to report and write on companies than sectors, Dinesh. While we do try and study leading players, it isn't to the same depth. That said, many sources believe Pepperfry was nimbler and faster at moving to both (a) a market place model, and (b) offline stores. Plus, it managed to convince investors and raise money a few times in the last few years, including from domestic strategics like Pidilite. So it's not in as dire a situation as UL. That said, it doesn't make profits. But then, who does?