When looking at exits over $500M, there have only been 4 in India in the last 2 years.
Flipkart is rumored to be raising a $1B financing at a lower valuation. A few weeks ago, another Indian e-commerce player Snapdeal laid off a number of employees. In the same timeframe, Indian Airbnb Stayzilla shuttered.
The reality is that India is by no means an immature market for VC.
And so it may soon be time to put up or shut up as the market has not done a great job generating venture-level exits. By way of comparison, look at Israel which is similar in terms of VC funding but which generates many more hits.