Now a blogger has an interesting take on this abysmal data. After some amount of number crunching, it says:
At 10X revenues, the entire industry would be valued at an abysmal $1.8mn.
But still I'm kind of optimistic about the future of web 2.0 in India due to following 5 reasons:
- A huge domestic market (Oh I heard India's middle class is infact bigger than US's total population)
- Access to large intellectual capital and worthwhile talent base.
- Decreasing communication cost, be it mobile or internet accessibility which is bridging the digital gap.
- Venture capitalists are now pouring in lot of moolah into new Web 2.0 start-ups to find the future Google, Yahoo or MSFT!
- Cultural shift as risk taking and innovation is being rewarded.