Good post.
In AdNetworks, there are those which have SDK inventory (own code in publisher apps like Cricinfo) and others which are blind inventory with Chinese browser/key board apps and no control on creative or placement. Blind Networks are more commoditized and all that is needed is a SaaS platform like Affise , few advertiser and supply connections to start one. Affle is in this space and hence as you said the valuations on par with TradeDesk or Google is a stretch. Also one of the reasons Amazon works with Affiliate/ad Networks in India is the local is averse to spend on Google/FB as that would involve sharing of data. They do re-targeting with Google/FB and user acquisition with InMobi, Affle and other networks. Flipkart on the other hand has majority spends skewed to Google/FB.
One other thing I realised while speaking to a seasoned investor is, companies with low float ( high Promoter + FII+ DII holding), with the support of few funds can spin a “unique in the market” story where there are few listed comparables to compare with and the Mr. Market takes the price to astronomical levels.
Hence need to be careful and as someone else said be watchful and clearly ascertain if the tech based play is working out.