Pros
1) A very responsive management which puts employees first, willing to overlook mistakes as long as you learn from them 2) A great team with people from A list companies like Google, Yahoo!, AOL, Inmobi and the likes 3) You get a lot of the ownership and the credit for projects you take on 4) Better than Market Average Compensation 5) Games room with Billiards, TT, Foosball tables 6) Of course free food is a definite plus 7) Decent hikes (again better than market average) bonuses etc. 8) Regular parties, outings which are real fun.
Cons
1) No ESOPs - A start-up should definitely give them to their employees 2) Being a new company, many processes remain undefined/poorly defined. Though its improving, it still needs some work 3) Hiring needs to be standardized 4) Transport is available but paid, would help if it weren't