Education : MTech from Tier -1 college
Years of Experience: 4.5 years
Prior Experience: Working at Premium MNC
Current TC : ~13L

Offeres in Hand

1. Company: Microsoft India
   Title/Level: L61
   Location: Bangalore, India
   Base Salary: 26L
   Stock bonus: 40K USD over 4 years
   Bonus: 5L (which is 20% of base )
   Total comp (Base Salary + Bonus + Stock + JB): 26L + 5L + 7L : ~ 38L
   Benefits: Standard Microsoft Benefits

2. Company: Reliance Jio
   Title/Level: Manager
   Location: Pune, India
   Base Salary: 27L
   Relocation - ~75k
   Joining Bonus - 2L
   Retention Bonus- 12L ( 4L for 3 years)
   Bonus: 5.4L
   Total comp (Base Salary + Bonus + Stock + JB): 27L + 5.4L + 2L : ~ 36.4L
   Benefits: Standard Jio benefits

3. Company: Startup
   Title/Level: SSE
   Location: Pune, India
   Base Salary: 30L
   Relocation - ~75k
   Joining Bonus - 3L
   Stocks - 2000 stocks ( Company is not listed yet)
   Bonus: 3L
   Total comp (Base Salary + Bonus + Stock + JB): 30L + 3L + 3L : ~ 36L
   Benefits: Standard

My location preference is Pune. Microsoft is also offering Permanant work from home for me.
Which offer is good?