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mymba99
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syd999
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Try to beef up your ECs along with retaking GMAT.For the start-up thing,try to focus on the management aspect instead of technical skills which most desis do.

You can improve ur ECs by taking part in any organisations such as Vibha.
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I am no expert but a couple of things that come to my mind are:

a) If you do plan to retake the gmat try and take it within the next month while its still fresh in your mind. (each attempt for me was nearly as good as taking it for the first time). Else I think a 700 coupled with a strong application (essays, EC distinguishing yourself from the general applicant pool) would work.

b) Since you are in the US you could try and build an alternate transcript to balance your gpa.

Hope that helps.