The concerns aren’t being discussed in hushed tones any more. By all accounts, the correction in India’s venture capital (VC) market is real. Large cheques aren’t being written out as quickly as they used to be six months ago. Fund managers are monitoring cash-burn rates in portfolio companies much more closely. And, every investor with bets—large or small—in the consumer Internet sector is hoping that the big valuation mark-ups they’ve been sitting on so far don’t take too much of a beating.