The present work explores accumulation of technological capabilities among telecom start-ups in India engaged in the development of innovative new products. This paper weaves together literature on RBV, innovation, bricolage, technological learning and technological capability to further our understanding of technological capability among the start-ups, in a high-tech and knowledge intensive setting. Drawing on rich data collected from multiple case studies, we conceptualise differing degree of innovation (creation, modification and extension) as possible manifestation of varying levels of technological capability. Our work proposes a process model for the evolution of technological capability as a result of complex interplay between existing knowledge, two complementary stages of bricolage, and new knowledge acquisition through differing modes of technological learning. The paper further identifies explorative learning, gap focused learning and market focused learning as the three dominant learning mechanisms and also highlights differences in capabilities among the start-ups and established firms.