The most profitable businesses I have seen built in the past 5 years, are brick and mortar, infrastructure and real estate businesses. These are not VC funded, or typical for the HN crowd. These are very offline businesses, built on angel capital (friends and family), then institutional bank loans and then directly public money via small IPOs at the best outliers.
A few of these businesses make $100MN+ revenues and the scenarios in which they reached here, was the Government + private contractor nexus. Privileged access to information and contracts is the only case where I have seen hockey stick growths of revenue in India. Most of the profitability comes from "cutting corners".
These businessmen/women stay off the public radar, typically run massively profitable businesses.
Most of them wouldn't consider going to a VC. Private Equity, sometimes yes.
So, in view, its a great time to be in India and to build infrastructure projects, brick and mortar things. A "relationship" with the Government officials is almost a necessary condition to get the contracts. I don't know how honest you can remain in this business, but I have seen so many examples of real startup like hockey stick growth. Hustlers is the word I can think of people who succeed in this type of environment.
So you see a lot of founders coming from North India, and a lot of engineers coming from the South. Of course, I'm just generalizing this, its not a hard and fast rule, but something I've noticed.