When I lasted looked into them, most startups in Bangalore were run by MBA-types who seemed to be intent on just copying the latest fad from Silicon valley. Even some of the most successful Indian startups - naukri.com and makemytrip.com are just copying well-established international websites and derive their success from paying attention to the Indian market before the country was on the radar of those players. It'll be interesting to see how these companies do now that they have competition. In any case, as Ravi and many others have pointed out, only the founders got rich out of Naukri and Makemytrip.
The other thing Ravi alluded to, about having credible proven founders is also important. I know a few devs* who, if they offered me a chance to work with them, I'd jump at the opportunity. However, the vast majority of these startups guys were folks I'd want to avoid working with even in GenericBigCorp.
* Unfortunately I don't know Ravi personally but if I did, he'd be near the top of this list.