Eager crowds lined the streets outside the JW Marriot hotel here for the show, while Bollywood celebrities Kalki Koechlin, Huma Quereshi, Richa Chadda and Reema Sen walked across the red carpet.
Also attended by Kashyap, male actors Manoj Bajpayee and Nawazuddin Siddiqui and female music director Sneha Khanwalkar, the premiere saw a full house in an 800-seating-capacity hall.
Both parts of "Gangs Of Wasseypur", a gritty take on the coal mafia, were screened at the festival's Directors' Fortnight, a non-competitive section, Tuesday.
The film, to hit screens June 22, is presented by Viacom18 Motion Pictures and produced by Anurag Kashyap Films Pvt Ltd.