For much of Amazon's history, it was lucky to get a 1 to 1 sales to valuation ratio. Amazon's early participation in the dotcom bubble, the money they raised then, funded its ability to survive the drought years afterward. Their stock was net flat for nearly a decade. The market weakness in 2008 for example, pushed their market value below where it was at times in 1998. Between 1998 and 2008 their sales went from $20 million to $20 billion and their valuation didn't change much.

What are Flipkart's sales today? You can expect it won't be worth dramatically more than its recent peak, years from now - and that's the good outcome. It's the routine outcome of extremely high valuations; to the extent they're too high, is the extent to which they pull future returns forward.