Well having read all your comments, I think what most of the Indian alternatives fail to recognize is usability and user experience. I think they have to be attractive (or say romantic) enough to attract a layman. There's this "initial barrier" which is quite low in well designed apps but not the same in not-so-well designed apps, but maybe functionally similar (or even more capable).
Currently, there is no real alternative to Mint.com in India. The value of mint.com is that it helps you save money by recommending relevant products.
Intuit Money Manager (IMM) aggregates your bank accounts and investment accounts and presents it with a decent UI. IMM was apparently not created within Intuit but instead an outside company and labeled as IMM.
Mint.com for all it's awesomeness just launched in Canada. So for them to bring that product to India might take some time.
Perfios is similar to IMM in that it aggregates bank accounts and investment accounts. They just launched their Freeium model and many of the advanced features are in the paid products.
Paisa.com is not for Money Mangement .. Intuit Money Manager looks closer to Mint, but their service is pathetic - The support team does not reply to mails and one has to login via moneycontrol which raises securiy issues.
I recently logged into perfious.com and find it ok though I have yet to fully evaluate it