Education: Masters from Tier-1
Years of Experience: 4 years
Prior Experience: Product Based Company
CTC: INR 20,00,000 (Base: INR 18,50,000)
Date of the Offer: June 2024
Company: Infoblox
Title/Level: Software Engineer-II
Location: Bangalore
Salary: INR 23,00,000
Signing Bonus: INR 3,00,000 (Recovery clause 2 years)
Performance Bonus: 345000
PF: 1,38,000
Retention Bonus: 1,50,000 (after 1 year)
Stock bonus: NA
Total comp: INR 30,83,000 for first year

I feel like this is low ball offer. Should I negotiate it?