Nobody has heard of this Indian version and more than that:
1)What are the credentials of the guy/organization who started it? Well IIM, the parent behind this clone produces managers and in Tech World, Managers are not good at anything. As Jason Fried said in that bigthink interview, the managers just interrupt and don't let the real doers do their job.
2)How many companies they have invested in? Well, not many.
3)Look at the portfolio and tell me if you have heard of any company. I live in India and I have not heard of single one myself. let alone someone far away in US.
Just like PG himself mentioned in the interview that you can go to The Valley and pitch for your idea. Many people from other countries go to the camp.
I for one, won't waste my time with any Indian or Asian version. I want real stuff else I am OK without it.