From Srikrishna's blog post (emphasis mine) Every time I hear an entrepreneur in India tell me “It’s Angel List meets GitHub” I try not to grimace...Silicon Valley, even within the context of the United State is in many ways unique – and unlike anything in India...Many of their assumptions are not grounded in the reality of today’s India – may not even in today’s America. All they see is that a startup to sell tampons online raised $250K with just an idea on a napkin. Or Pinterest raised whatever astronomical amount of money without any real monetization strategy and Fred Wilson invested in Zemanta (who’d by then acquired a million downloads) even whilst acknowledging that none of them were clear how they’d make money. The reality of the Indian entrepreneurial ecosystem is that we are yet to see more than one turn or “generation” of tech entrepreneurs. A large amount of money is following very few quality deals. The VCs are acting as PE players...