Thanks for all the info! Your profile is pretty impressive -- congratulations on your new venture. Being an entrepreneur is a lot of work! Let's take a look at the different dimensions of your profile:
1. Professional -- sounds like you've made a solid transition from software/IT to start-up entrepreneur. Whether you can legitimately position yourself as an entrepreneur (instead of an IT professional) will depend on a couple things though: e.g. - how far along your start-up is, what role you play, whether you've quit your day job, etc. If you're fiddling with an idea on the side of your day job, and if the idea isn't yet up and running and have traction, that's less compelling and less of a story. If you've quit your job and have been working full time on your start-up, have a site and paying customers and/or funding... that's a very different story! So, it kind of depends how far along you are, but if you are squarely on the entrepreneurial track and have rich stories to tell on the business (not tech) side, then this will really differentiate you from other candidates in your demographic (Indian engineers).
2. Community -- sounds like you've done some community activities, but more so on an ad-hoc basis rather than as an entrenched leader within one community organization. If that's so, then your community experience will be generally on par with your peers. It would be ideal to have more consistent community activities and be able to demonstrate leadership and passion within those activities. Still, it's good that you have some (I am assuming these are post-college activities... if you do not have post college community activities, then that will be a disadvantage in your application).
3. Academics -- a 720 GMAT score is competitive, but you should keep in mind that many Indian engineers apply to these schools with exceptional GMAT scores (750+ range). That is certainly not the case for everyone, and I don't recommend that you retake it, but just something you should be aware of. Against the general population, a 720 is a great score, but within this demographic and within your target schools, you might be average/slightly below. If your undergrad and grad GPAs are truly 4.0s, that is pretty good -- but college was a long time ago for you, so may count a little less.
4. Extracurricular activities -- it sounds like you are active in sports, even post-college, which is great. Again, it would be ideal if you can show some leadership through your activities -- e.g., "I started the soccer club at my office...", or something like that. Then it becomes a story you can include in your application versus a bullet point you can include in your resume. College activities are not so impressive at this point given your age.
With all that taken into consideration, I would say your current target schools are somewhat risky. These are all incredibly competitive schools and while you could be considered seriously (again, depends on the extent of your entrepreneurial experience/success), it would be a risky strategy to not include more realistic or slightly safer schools. It also strikes me that these schools are not necessarily the ones with the strongest entrepreneurship programs -- I am not sure what factors you were considering when you put together your school list, but I'd really recommend you also take a look at UCLA, UC Berkeley, and even Babson if you're really serious about entrepreneurship. But either way, I definitely suggest adding some lower tier schools to the mix like UCLA, Duke, Babson, etc.
One thing you should really keep in mind: you are 32 years old, which is on the older side of the candidate pool for full time MBA programs. You should definitely still apply (you're not going to get any younger!), but you should know that this could be considered in your application as a negative. This varies from school to school (at Berkeley, for instance, there were plenty of students in their 30s), so you may want to see which schools tend to skew to older versus younger candidates and consider this as you build your target list.
I hope this helps!