Brace yourself for a tough read, but investor Kanwal Rekhi goes UnPluggd and has a few thoughts to share about the VC business.
While the sentiment is primarily for ‘all’ VCs business, his take on Indian startup ecosystem is:

Like I said in the beginning, most VCs lose money. In India all the VC capital invested in last 20 years has not been returned to LPs. India has proven to be a bottomless pit. There just have not been any big hits to speak of.

By the way, Kanwal Rekhi has called Flipkart a foolish startup.