I am new to investing and I have seem the recent price movement...

I am new to investing and I have seem the recent price movement of Zip. Generally, many have expressed an very optimistic view toward ZIP as I can see in the forum. However, I personally not convince ZIP worth its current price as it is a young company with low market share and very high risk of being replace by other similar apps. However, the ever increasing share price makes me think I must miss something critical here to value the company. Hope some one can share your thought with me.

Reason for me not being very positive toward ZIP is because below:

Many similar substitute product:
Name a few, such as Viber, Skype, Whats app, Wechat, world phone and many more. They all provide VoIP services that allowing cheap international call.

Skype has the dominant market share in western market ( I am confident you have or had an Skype account some point in time).

Whats app has great installation base as well. Also, they are offering VoIP service.

Not to mention many other smaller app like Viber, World phone by NOR.

Wechat which has the majority Chinese market, even elderly and less tech savvy person has an Wechat account in China. Now they are introducing their VoIP service.

So, most of the major countries and economy has been covered. I know ZIP is focusing on countries like India where infrastructure is not as well developed. So the benefit of quality calls in low bend width can kicks in.

However, what make you thinks that ZIP can gain meaningful market share in India(or any other similar countries) as ZIP is based in Australia and can it really understand the need of locals in other countries?

How they generate revenue?
Of course generate revenue by selling call credit! Yes, I understand this part, but who is actually spending money to buy these credit?

Business who has need to make international call? - ZIP is targeted at consumer and not really business. There are other company specialize in this field such as NOR's world phone. Also big telcos offer very attractive VOIP deals to business as well. I can not imagine ZIP can magically gain business client by not really focus on this market.

Consumer who is travelling whom want to save on roaming - but VoIP requires data. If I am travelling and calling using ZIP, it will incur data roaming charges which is equally expensive. So I don't see the point of ZIP creating massive saving.

Also, Big telco has realize the growing roaming market and start to make moves, such as Vodafhone $5 dollar roaming plan, where you pay $5 and you can roaming without additional charges (just paying standard call rate as if you are calling in Australia that is deducted form you exisiting plan).

Huge down side
ZIP did not invent something that can scale up with huge potential or invest disruptive technology. ZIP is in very early phase and competes in a market with low barrier to entries ( India has a lot of good software engineers as well).

So, if there a new app comes out the next day, or 6 months later ZIP is out of fashion like what I have seen with Viber, which used to be very popular but not anymore. The company will worth next to nothing as it has not make a cent of profit yet.

Please don't scold at me, I know I must being very ignorant about ZIP and the industry. This is why I am hoping to encourage a healthy discussion with you guys and learn what informationI have missed.

Thanks in advance.