Prós
1) Pay scale. The CTC promised almost entirely comes in hand.
2) Great learning curve, ideal for fresh graduates.
3) Small teams which mean greater responsibilities on one's shoulders, easier interactions with seniors.
Contras
1) No definite objective and goals. You can easily find priorities of today getting reverted back tomorrow.
2) No proper development model, Often leads to rework.
3) Poor marketing. Thus no matter how much you work, no body will use your product.
4) Working on weekends without compensation (this might have stopped).
5) Few perks, might not be ideal for people with families.
6) No documentation.