The better product startups all look for "IIT/NIT/whatever other brand college" students. Snapdeal, for eg, first switched the application engineer position that I applied for to other secondary positions, and then rejected me when I asked for the original position on this basis. There is no guarantee that you will find good things in other startups. I realize now that these companies have no better way of screening candidates, because the candidate pool quality in India errs on the side of less than decent. Doesn't justify the bait-and-switch but oh well.
If you do end up like I did, make sure that atleast the peer group in your startup is exceptionally talented, and that the startup is good with tech. The pay is shit in these kinds of startups (for eg those running as a small service company, but building their product behind the scenes), but the idea is to become really good at what you do and then jump ship to a good product startup.
Also, if you are still in college, it helps to have GSoC under your belt.