Reverse Engineering Expectations of the Q2-FY20 Result and Beyond, page-40

"Though there is nothing to stop someone else coming in and offering same"

This is precisely why many tech companies forgo profitability in favour of rapid growth and market share acquisition. Market share is a huge moat and for that reason a high cashburn for the sake of growth is not an issue (assuming reasonable growth). This is a well-trodden path for many tech companies, including the one I work at now.

Just a relevant perspective based on your comment - not claiming that you've said otherwise.