A few weeks ago, I read about another political party launched by ex-IITians.
Some of you may remember “Lok Paritran“ (which originally started originally as “Paritran” in early ’06) which was the first one, I think. The “new” one is called “Bharat Punarnirman Dal“.  
In the meantime, I have came across another group called “Bharat Uday Mission“. Unlike Bharat Punarnirman Dal or Lok Paritran, the Uday Mission is taking one step at a time (see e.g. this FAQ on their site: “Q.2. When will BM be formally established ?    Ans. BM will be formally established …