BENGALURU: India's most valued internet companies like online retail marketplaces Flipkart and Snapdeal may have a ten-year wait ahead of them to transform into mega businesses as purchasing power of consumers today is not yet sufficient to help internet companies deliver profits.And while internet adoption and usage is increasing rapidly, the country’s largest startups are yet to devise solutions that will attract this new set of customers, according to Rajan Anandan , head of Google India and Southeast Asia.He sounded the alarm bell at an event organized by venture capital firm IDG Ventures India on Thursday in Bengaluru."(India has a) very large (internet) user base but a very small addressable market for the businesses we have decided to build so far," said Anandan. According to him, business boomed for Chinese e-commerce giant Alibaba when the GDP per capita in the country reached $4000 in 2009. This for India "is exactly 10 years away.""That's when we will be able to build companies that not just have large user bases but have large revenues, and most importantly large profits," said Anandan, who is also one of the most prolific angel investors in India. India's per capita GDP currently is estimated at about $1800.Anandan's comments come at a time when India's digital consumption graph is showing signs of flagging, as the largest online retailers pull back on discounts. India's most valued internet company, Flipkart has seen its gross merchandise value (GMV) remain flat since last year.Snapdeal, another online retailer, has seen its GMV fall as it pulled back on discounts and focused on profitability.This comes overseas internet companies have also been making significant headway, creating a land grab situation for users. Seattle based giant Amazon has grown its market share, but it has been primarily at the expense of Snapdeal and Flipkart backed by aggressive discounting. China's Alibaba is also firming up plans to begin direct Indian operations, while US-based cab hailing application Uber is intensifying its battle against market leader Ola after losing the China market.Other internet businesses, like online classifieds, have also not shown significant ability make profits and revenues yet."Every single Indian Internet company that we have tried to build till date has tried to mimic a US or a Chinese business model, which actually have significantly higher households with disposable incomes," said Anandan.When Flipkart garnered a record $1 billion in funding in July 2014 in the run up to Alibaba’s $25-billion IPO that September, it put India on the global map as the next big opportunity for investors. Overall, the eight consumer internet unicorns have raised $8 billion till date.Many ideas which worked in China and US were funded at early stages as well, like hyper-local logistics, services and food delivery but these models are still not able to find ways to operate profitably.Industry discourse has also shifted to whether Indian market leaders like Flipkart and Ola need to be protected against foreign rivals Amazon and Uber, who are aggressively competing to dislodge them from their top position. Many expect that if these companies lose their top slot, it will be hard for India's internet entrepreneurs to attract same amount of capital.When asked about what will be the future of companies like Flipkart and Snapdeal, Anandan said he does not know and "if you are a startup today, figure out a way to survive for 10 years."But Anandan said that while copycat ideas from US and China will take time to become large business, companies leveraging technology and internet to solve India problems will become big in the coming years citing potential in banking and IT services."I believe that really big breakthroughs will not come from internet businesses that we envision today. My strong view is that the big internet driven businesses in India will be based by disrupting the biggest profit pools of India," he said.- Indian internet has 300 million monthly active users (MAUs) and 100 million daily active users (DAUs). 180 million access internet through smartphones- Cost of data will remain too high for most of India, even after Reliance Jio pegging cost of 1 GB at Rs 50- Largest Indian internet companies building products aimed at top 10 million households which have annual income over Rs 10 lakhs. Total market is 330 million households, and the affordability remains the biggest issue for them.