I think, the word prostitute is derogatory in nature. Call then Male Escorts, Gigolo or sex worker.
Now coming to your question, yes there are male sex workers. However considering the Indian society, very rarely you will find a professional gigolo who can match the concept of western Gigolo. Most, placing ads here and there are first timers, who dream to be establish themselves as gigolos or sex workers. They think it gives them instant fortunes. Some are actually seeking sexual relationship! without commitment! In reality, as far Indian context is concerned, they never get a single customer!.