Sachin Bansal's comments at a startup conference in New Delhi came days after a rejig in the top management that was viewed by some as a step toward a stock market listing.
"Indian markets are not yet ready for a large Internet company listing but we would absolutely love to list here when the time comes," he said.
But India's junior minister of finance Jayant Sinha told the same conference that listing of Internet stocks on Indian markets would be a big boost for the economy.
India's market regulator has eased some rules to make it easier for home grown start ups to list their shares on local bourses.