New Delhi, Aug. 4 -- For much of the last decade, India's internet economy was built on one simple belief: scale first, achieve profitability later. Investors were ready to overlook losses as long as companies demonstrated rapid user acquisition, market leadership and a large addressable opportunity.

Private market valuations became the reference point, and public market investors were often willing to pay an additional premium in anticipation of years of future growth.

Recent developments around Zepto's proposed initial public offering (IPO), which has reportedly been pushed forth, may come to be seen as an inflection point for India's startup ecosystem.

Irrespective of where or when the company eventually lists, a broader message fro...