Education: B.E (Tier 1 non IIT/NIT)
Years of Experience: 3
Date of the Offer: August 2021
Company: Microsoft
Location: Hyderabad, India
Salary: 23 LPA
Signing Bonus: 3 L
Stock bonus: $50K stock grant vested over 4 years
Bonus: Performance-based bonus up to 20% of salary every year (average 10%)
Total comp (Salary + Bonus + Stock): 23 + 2.6 + 3 + 9.4(stocks) = 38 LPA (year 1)

Current Compensation: 16.8 LPA (fixed) + 0(ESOPs)
Competing Offer: Inmobi(39 LPA Fixed + 6 LPA RSU + 4 L (Joining bonus))

I feel both the base is low, rejected the offer as microsoft offered less than the competing offer, and I don't want to switch company every year as it is a very stressful process.