Pros
The only pro here is flexible timings. Most of the time you won't get that much flexibility when it comes to the leaving hour.
Cons
No hike here. One will have to come with a good package. Last 3+ years there is no appraisal happened for most of the employees. Many people have left already. During the mid of years CEO would say 'fantastic guys'. When it comes to appraisal 'you guys have to do more'. Management always blame you even the fault is with client. Incompetent resources are kept in the team because of higher level of influence which jeopardize the whole team effort. Arrogant client manager who visits the team more often and treat them like slaves and such behavior is just ignored by the management in favour of the client even when the employees complained about that which found to be true. Managers in the floor are just dummies and don't have real powers. New projects are prioritized and older ones are ignored. CTO is just not much knowledgeable, rude and involves in every silly issues other than technical aspects. The company's department like accounts, HR and all managers are run by certain 'category' of people and so priority goes on like that when it comes to hiring. There plays internal politics too. People get laid off when they are not liked by few people in the top level rather than dependent on billing. No cab service. No proper allowances. No further growth. Nothing to learn new if you are experienced. No pantry and the amenities related to that. Cost cutting even in toilet paper (only when client visits one will get enough) No tax saving options like Sodexo. No PF. No team outing.