Salary Expectation Advice

I'm a PM at a pre-money early-stage startup with a 16 LPA TC (entirely in-hand, no benefits or perks). What hike range should I aim for? (Looking at current market conditions)

About me:

• 2.5 YOE as a PM and 3.5 as data engineer (service based company)
• Winner at couple PM case-studies, tear-downs
• Experience in analytics and ETL
• Scaled and managed teams at my current role
• No MBA

I have a theory that may be asking less hike could be one of the reasons HMs/HRs not taking my application seriously? Correct me if I am wrong.