Is market still down ??18% hike for TPM role in Startup after 5 round of interview .Have notice period of 90 days .Is it good choice ?

Your situation is same as what I experienced 6 months back. The actual situation with the big companies is that they have given unrealistic hikes after the Covid period and have overpriced employees at their disposal. So now offering less hikes for damage control. Because of this, small companies or startups also had to offer ridiculously high packages in past 3-4 years but now to have some profitability, they need people on lower prices now which they can get since bigger companies are also not paying much now. My advise, don't switch until you gets a better offer since you are in a good position in your current company. It is not like no one is paying good, there are companies in the market which can give you better than your expectation.