I don't think a comprehensive list exists, so we'll need to create on ourselves. Here is a start:

• http://AirtightNetworks.com (security products)
• http://c-r-labs.com (if you consider the Eka supercomputer as a product. They also do supercomputing services)
• http://colayer.com (not sure whether they still do development in Pune or not)
• http://Druva.com (backup software)
• http://enhanceducation.com (combination of an education product, and services)
• http://finiq.com (options, derivatives & structured financial products pricing software)
• http://hover.in (in-text advertising and other contextual info for web publishers)
• http://iLeadFarmers.com (agricultural ERP)
• http://LinguaNext.com (i18n l10n product)
• http://kpoint.in (multi-media education software product)
• http://InfinitelyBeta.com (includes http://paisa.com)
• http://optinno.com (mobile software products, including the smsBlocker app)
• http://pubmatic.com (web publisher ad optimization product)
• http://ShopSocially.com (social shopping and lead generation product)
• http://sirdpune.com (natural resources management (water table) software, agricultural - http://sokrati.com (combination of web advertiser ad optimization product & services)
• http://vayana.in (bank transactions and financial supply chain integration software products) loan pricing software)

http://xtremumsolutions.com (works in enterprise app dev for ipad, cloud computing). Example product: Praxify, a cloud-based (Healthcare) Practice Management Solution with iPad integration.

http://myContactID.in (the beginning of the end of your contact management problems!)

Allow me to plugin yournextleap.com which is building a recommendation engine running on collective intelligence to help students and young professionals map their career graph and make optimal career decisions.

http://yournextleap.com/

Disclaimer: I work in product and marketing here.

I guess Navin has already given quite an exhaustive list, but I can add icertis.com to this list...

http://iLeadFarmers.com is not an agricultural erp, it is a lead generation tool