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They do have a few corpos like Project Starscape, Virtualism, and Waconne, but it's a total shit show.
Project Starscape is probably about to die because most of their talents don't stream, and behind the scenes, crazy shit is happening. For example, the CEO probably made the company just to have girls he could sleep with. He dated a few of his talents, flies them out whenever he feels like it, and other talents went on a witch hunt to falsely accuse an indie Indian VTuber of being a pedophile using out-of-context screenshots. Another talent ran away from home because her family was forcing her to get married. Another is extremely poor and can't stream because she has to work multiple jobs. They also tried this "cosplaytuber" Or whatever they like to call this nonsense. Hiring cosplayers to stream, and even then, they can't manage that. They also hired some Anitubers to stream with them, but they all do everything except stream or make content. They love pretending they're a big deal, but all they do is gossip, cause drama, and bitch about each other.
Virtualism went nowhere simply because they have no idea how to run a company. They had the money, the models, everything. Except the sense to find talents who can actually stream. They don't even know what to do to get things started. Instead, they're busy doing everything except the things that would make their company gain traction. They're just cosplaying as a company while doing nothing.
Waconne is a complete fraud. They nepotism-hired big voice actors from the Indian industry, thinking it would give them traction but it didn't. So they resorted to botting subscribers. They have around 200K subs but get barely 10 regular viewers and less than 150 views on their VODs. Their official website is also a mess. AI slop art, tons of spelling mistakes, and overall garbage design.
They have seven talents, but only two stream regularly, one of whom is a pseudo-feminist with insane sexist takes. Their parent company will probably realize soon that they're funding trash. Everyone behind the scenes has no idea how the industry works. It's like a blind man trying to write Chinese hieroglyphics.
The indie Indian VTubers aren't any better. They do everything except stream or make content and the ones who do make content, just produce garbage. Recently, they went on a witch hunt to take down one of their own, who was actually streaming regularly, using fake screenshots and false claims. Behind the scenes, these people act like mean schoolgirls. They put so much effort into doing nothing that even resembles being a VTuber. They just love cosplaying as one but don't have the willpower to actually be one. It's a pattern with the entire scene at this point. They're worse than Vtweeters.
There will probably never be a real Indian corpo, simply because the people who enjoy VTubers here just watch Hololive, Phase Connect, and other real agencies. Who'd want to watch watered-down garbage anyway? Honestly, I'm glad most people in this thread don't know about them you're doing yourself a favor by staying ignorant of their existence.