Amazon has been making in-roads, capturing a size-able market share, but dare I say they're imitating Flipkart to an extent, and that's a testament to innovativeness with which Flipkart has worked all along.
Despite the picture the article is trying to portray, Flipkart is well and truly an established business at this point. Sure they're making losses, but retailing is a tough-nut. In order to capture a rapidly growing internet-base, Flipkart and others need to take those hits-- they need to trade growth with profit, unless their end-game is to get acquired.
It is pretty natural trajectory an e-commerce company to take, IMO. These firms doing a re-valuation of their investments does look scary, and probably they did so having looked at the financials and the potential-- but the correction in the valuation is just a blip. Retailing is hard-- customers want discounts, VCs want growth, Markets want profit... you have to choose two and ignore the rest, I guess.