Doesn't mean they're any good. Last innovative startup you've heard from India in the past several years is....Visual Website Optimizer. Wow, mindblowing.
Goodcrush.com had the exact same concept two years ago. Isawyou.com had the concept minus the college angle a couple years earlier.
There are a lot of challenges to building a sfba-style startup in India though, more than it makes sense to go into in a comment. That said, there are plenty of very talented, veyr driven engineers there that understand the startup lifestyle - checkout http://resume.akash.im/ for one, I've really enjoyed all the work I've done with him (that's included training over emacs/skype, learning rails, cutting up psd's, to working on applications for me).