Role - SDE2 (Full stack - Backend heavy)
Company - Unicorn startup
Compensation - Rs 18.5LPA Fixed + 1LPA variable
Equity - Rs 1.62 crore (with strike price - Rs 22L)
Experience - 3 years

Is it a low-balled compensation? I have seen people getting way better offers at my experience.
Need advice on whether I should look out for opportunities or continue with the same job.