Utsav Agarwal, the CEO of ecommerce brand aggregator Evenflow, starts his fundraising pitch with a slide on the competitive landscape these days. He explains to potential investors how the year-old startup vies with larger peers Mensa, GlobalBees and Goat and why it is not a winner-takes-all market.

“No single player can go out and acquire 100, 150 or 200 brands. Even Mensa and GlobalBees, which have built a formidable business, will buy 20 to 25 in one year. All in all, the market is huge,” he said during a recent presentation accessed by The CapTable.

Laying out the industry dynamics has become vitally important for roll-up companies a year after their expensive shopping spree. As they hit the market to raise fresh capital against steep valuation multiples, investors are asking tough questions about their differentiation in the crowd and the performance of acquired businesses.