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By the way, I am in Pakistan, not India :)
I would say there aren't so many examples of companies with heavily remote workforces thriving. As a founder, this was the subject of a lot of internal debate. I largely came to the same conclusion as a lot of companies: remote slows down execution, and execution is probably the single most important thing for a small company.
Also, this article discussed something different than building a remote team, and more in line with what most customers want: hire a mostly pre-made remote team all at once. The desired advantage is less cost savings and more speed. Building a remote team yourself is much more likely to work, but also probably slow enough that it's not worth it. You have to find a remote teach lead + hiring manager, work with him or her enough to trust him or her, and then empower that person to run hiring cycles.