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I am sorry, xyz (company) would not be a great fit for me as of now. I'll definitely be looking forward to work with you in future. Thank you for your time.
Just call and say you are greateful for the oppertunity but at this time decided to go with some other organisation. Face the HR and be professional with truth no matter how hard it is. Longer you will postpond it, difficult it will be.
Pro
Tell them that you are doing a startup and want to follow your dreams. Also tell her to giv you numbers of top performers because u need to hire and expand the team
Chief
Instead of HR offering u why not give her offer to join ur startup 🥹🥹