You have a decent GMAT score. You have not mentioned anything about your GPA. You have to understand that you come from a competitive student pool [Indian/IT/male]. I am assuming that you have a very good GPA to compensate for your GMAT. Your undergrad university is not that well known, and you might be at a disadvantage on that front.
Your work experience seems to be good, especially for the recognition and awards you got at the firm. If you have been able to get an accelerated growth rate within the firm, then it would be good for your application.
Being unsuccessful at the start-up is not a problem, If you have really tried hard, and learnt from the failure, then you would fare well. But, be ready for all sorts of questions on this in your interview.
Coming to your extracurricular activities, being university captain is appreciated, but have you won any awards or did you get any recognition? Have you played for any club?
I personally feel that you may get to the interview stage at your target schools if you write stellar application essays.
A lot depends on the application essays. You should focus all your energies on this to write excellent essays. Think in detail about your work experience, your career progression and extracurricular activities. Get your application essays reviewed and re-reviewed from alumni of the schools you are applying to.