The number of Indian technology/consumer internet startups coming out from ex-Yahoo employees (and to an extent Amazon) is overwhelming. Of course this is part of a larger trend of start-ups coming up in general. Here’s a list of the well known ones (do add the names in the comments of others that you might know). There’s Crazeal (formerly Groupon), Exotel, Zivame, Fashion and You, Slabble, Flipkart, Goyaka, OoBi and well Pluggd.in (hey, it counts!). In all Linkedin gives a total of 58 results for people with current designations as Co-Founder+Past work-ex with Yahoo+India. Most of these 58 are leading organizations which someone plugged into the startup ecosystem (Bangalore+NCR) is constantly hearing about. Amazon gives about 30 results.
Surely, I am not comparing Yahoo/Amazon in India to the Paypal Mafia.
Of course as one can see, the Infosys, TCS and Wipro brigade has produced hundreds of entrepreneurs. Though only a deeper understanding of each of these entrepreneurs would tell us of the sectoral focus of these entrepreneurs.