Is Indian eCommerce dead? (from a new startup founders' pov)

I'm talking about new startups, as a founder who's trying to build an ecommerce platform currently.

I'm still very early, but it feels that the writing is on the wall. Flipkart, Myntra, Nykaa, Zomato, Swiggy etc. have all built great products and soon great businesses (I'm sure)

But it does not make sense to me why we've barely seen anything new in the last 5 years. Even funding wise, if that is something one wants to look at.

So many people have tried - none of the new ideas have worked. CAC is too high. Current platforms already solve problems. Retention is never there, people may try you out, but will move back to Amazon/Instamart.

But this is not how things typically work. It's very clear that consumer spending is going to increase, online more so, at an even faster rate. I don't feel the current platforms solve everything, a better version can be built.

SO, is it the founders of the current era that have failed to make a dent? Is it the fact that VCs have stopped paying attention to this space? Or is it that the current platforms indeed solve everything?

Would love everybody's thoughts. And also if you have tried building/or have ideas on what potential next eCommerce platforms could loook like.

Over and out.