Hi Balaji,
You have a decent profile and you can definitely apply for MBA programs. Your entrepreneurship work experience will be counted as your regular number of work experience with an extra weightage as you also have an entrepreneurship experience. But, I would suggest you to retake your GMAT and have more experience. As your academics and GMAT Score are on average side if you are targeting top 15-30 B-Schools.
You haven't mentioned much about your work experience, extra curricular and achievements. For a detailed profile evaluation, you may share your resume/detailed profile by sending PM.
You may also gauge your chances of getting admission to top business school this year by trying this amazing tool
https://bit.ly/1Iu9fP4Hope that helps.
Cheers,