What is said by Deap is partially correct. India Internet market have not grown as it should have, huge opportunity is seen, but when this is the question. Unless internet becomes the necessity for people, it wont grow as required to be profitable for internet businesses.
Today, Naukri.com or the Indianrailways doing well because that is the necessity. Media, Entertainment, Information is not the necessity for people, and hence businesses in these verticals are not doing well. In todays times it is tough and one has to have patience for 4-5 years (atleast) to see returns on investment in internet market.

Mobile: Its the Indian Telecom Operators monopoly which is not allowing any Data services companies to get benefit from the growth, its only telecom operators who are getting benefitted from growth. Had these numbers been in US, many businesses would have done extremely well, not just telecom operators.