Check out: Young Turks cashing in on internet boom in India

A 100 million web users, Rs 47,000 crore e-commerce opportunity and one that's growing over 70% year-on-year, internet in India is witnessing a boom like never before.

While FY11 saw USD 230 million worth of funds being invested in as many as 33 ventures, that figure has already been surpassed this year by just three Young Turks. Flipkart has recently raised a USD 150 million from General Atlantic valuing it at a whopping billion dollars. Beerud Sheth's social messaging venture SMS GupShup brought in Rs 50 crore from Tenaya Capital and three other investors, while Naveen Tewari's mobile ad network InMobi raised USD 200 million from Softbank. Are these valuations for real or does this funding frenzy of the makings of yet another bubble? In a panel discussion with CNBC-TV18