Razorpay offering 22LPA for lead position

Just had a call with a recruiter from Razorpay regarding the position of Lead Engineer - Android. The budget quoted was around 22 LPA fixed with no variable components. The reason mentioned is that management wants to be careful with the hiring since they don't want to layoff anyone. I think they are trying to low ball the offer. Can some one from Razorpay comment. Pretty much sure 22 LPA for lead is pretty low