it will depend on what you did during the time you got out and time you are applying for a job. Having an IIT graduation in you resume will have the advantage of you getting shortlisted in a lot of companies. and from their on it will depend on yourself. First of all you should be qualified for the position that you are applying for, so you will be expected to give the answers to the questions (Technical). Other than that you will be asked about your GAP and what and why you did that. So you just have to explain that to them that will only show your passion towards the things that you want to do.
I am not sure about management or consultant positions , but if you are applying for software, you will be treated as a fresher in terms of salary and training and responsibilities. Unless if you have done some Coding work as a part of your Startup Venture. That can give you some leverage to negotiate some terms, but it will entirely depend on your soft skills.