I think these memes pretty much explain what has happened in Indian startup ecosystem.
Expectation Vs. Reality
Thanks to media noise, the entire ecosystem was made to believe that startups (with any food/app idea) will become the NextBigWhat.
Tons of media coverage, stories and it was like a wild party with free booze flowing.
The reality is that one can't employ 9 women to produce a kid in a month. Startups take time to grow. Most of the ideas that I see in India are too small and too mediocre to grow - but they get funding , thanks to the risk averse lazy investors.
And then it enters a loop - more such mediocre ideas get funded.
The Customer Is KING KONG
The good news is that customers don't care about your degree or funding status. They expect a good product and have no loyalty.
You screw up and they will give it back.
Which is what is happening in India right now.
Why so much of negativity?
Because all the unicorns are in bad state - most of them are being challenged by American/Chinese counterparts who have a better sense of quality and are far more aggressive.
We are celebrating very small wins and while it's good for individual happiness, as a collective - it promotes mediocrity and inhibits growth.