Market leader in this market means the brand that has the most users or most potential value to partners. That is, if a business is going to use a discount service to acquire new customers, the market leader will be able to bring in the most customers or the most high-value customers.
That doesn't answer the question about the ratio of investor cash-outs to expansion, though. It just (somewhat) addresses the question of whether a growth strategy without profits makes any sense at all.
