As far as flipkart is concerned we should be aware that flipkart is still loss making firm. For me kozmo.com case is repeated in indian version. PE firm valued this company through its revenue now for IPO they are concentrating more on revenue instead of profits (a million dollar day before diwali is 1 of the example)
On the other hand Peers of Flipkart, Amazon and snapdeal are in the same race of attracting consumer. While Amazon in just a short span, generted huge revenue with profit (profit margins are low but profitable firm)
I would rather say that flipkart is good company but valuing at 5rs per 1 rs revenue (annum) is wrong. It should be 2 rs or less till the time it makes itself profitable company.