Current TC - top MNC, 82 lpa(because of stock appreciation), 4.5 yoe

Meta offer:-

45 base + 160k USD stocks + 7l Joining bonus ~ 88 lpa for first year

I have a competing offer from a startup for 60 + 20 lpa.
Seems like a lowball to me. I have seen 1cr+ offers for Meta Blr E4 on the internet, but the recruiter is not budging.