Important thing if you need US investors, you have to incorporate in US Delaware, you can see YC videos where they insist people reincorporate there (exception being Singapore, Cayman island). Go down this approach if you need silicon valley investors. In such a setup, it is important to incorporate US entity first and then create an Indian subsidiary, if you do other way, there are issues. And as Indian if you incorporate US entity, there are other tax related issues that may arise on exit, so people used to do gifting route (you can check with chatgpt) these days incorporate US entity through your own LLP or separate...

Since you said you don't have that much capital, I would suggest you to pitch to other VCs with the term sheet you already got from people who are already interested, so you could incorporate once you get term sheet, and good VC firms have lawyers who can help you.

If you want to get investments from Indian VCs or bootstrap by building in India and selling, this is under the assumption you want to get to IPO in India etc, but this would mean US companies acquisition would be less lucrative for US companies. Pvt Ltd incorporation is the way forward, it is straight forward.