Venture Capitalist Mahesh Murthy points out that Flipkart's founders and investors are desperate to cash out by IPOing before they run out of money in a few years but India's stock exchange rules prevents a money-losing company like them from doing so. And India's e-commerce industry, while gaining traction, is far from the juggernaut that is China—70 percent of its $13 billion market size is made of travel companies that list gross receipts within this number. In other words, the US$3.5 bilion annual e-tailing industry is just about what a 4th largest player in China makes in one day. Of course, India's smartphone market is exploding and mobile shopping is fast becoming an accepted practice. But it's stall a long, long way off to justify what people like Murthy say are insane valuations for e-commerce companies in India. So, better for VCs to make their investment an attractive overall package for a great white like an Amazon or a Rakuten who may be cruising around for a good deal.