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"The definition of a boutique law firm varies. However, a boutique law firm is typically a small law firm of under 20 attorneys. In addition to being small in size, boutique firms usually offer legal services in select or niche practice areas. According to Willie Peacock, Esq., boutique law firms tend to offer more specialized services, highly experienced staff, and have a shorter client list." (Source: https://www.clio.com/blog/boutique-law-firm/)
AZB is clearly NOT such a firm. AZB is one of the largest law firms in India and is a full-service law firm, advising clients on corporate law, M&A, disputes, and regulatory matters, and generally matters across all sectors. When I think of the term "boutique law firm", firms that come to mind include Spice Route Legal and Ikigai, which specialize in TMT, privacy and data protection, among other things, and firms like Anand & Anand, Khurana & Khurana and Remfry & Sagar, which specialize in IP law.
As for the OP's question regarding PE & VC boutiques, I came across a previous LI post which might help you. You can check it out here: https://www.legallyindia.com/convos/topic/354225-hard-core-ma-pevc-boutiques
I hope this clears things up. All the best!