If a product based company is offering 20 lpa CTC to sde fresher and around 30 lpa for sde with 2 yoe, what should I ask as a security analyst with 2.3 yoe.

CCTC 4.5 lpa
Offer in hand 9 lpa

I know the question is little vague,but please help.
I don't want to be undervalued as well ask way above their budget.

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Zeotap

4.5lpa for 2years exp is unfortunately already very undervalued. The offer is twice the amt so seems like a good deal to me.
Check if they provide benefits like tuition assistance, you can do certifications (isc2,isaca and the kind) and get them to pay for it. Also find out what the work life balance is like as it will be required if you plan for certifications alongside a full time job

From your post it seems like the product based startup has offered 9lpa.

Try for 20 LPA and work from anywhere option

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