Web 2.0 blah aside, if this guy is really hiring high school graduates from poor backgrounds instead of elite (by Indian standards) college graduates, that in itself is worthy of praise.
Competition is good for consumers and I think its about time that Silicon Valley had a run for it's money. I'm pleased also that he turned down the offer (though of course we don't know what the offer was!) as he is obviously wanting to build his business. Too many people build to sell these days instead of building to last