Pros
Very fast paced environment with flexible work hours and few boundaries. Decent office space and significantly good non-salary perks. While there is no training or structure being in the environment still facilitates a good amount of learning. I had the opportunity to work directly with top management and some senior leaders and learn from their experiences.
Cons
Very reckless management which doesn't understand the difference between confidence and overconfidence. Makes very high commitment to employees and customers and delivers only a small fraction of what is promised. While the founders are fairly talented and capable the middle management is not as good and is filled with yes men of the founders barring a few genuine people who have both capability and good attitude. Certain teams have really low morale because of their immediate reporting managers. HR department is too nosy and overrules decisions of hiring managers, due to this some good middle managers struggle with managing their teams well and getting access to good talent. There is a significant culture of bullying and non commitment, a few old employees are put on a pedestal and everyone else is belittled, as a young company there are lot of grey areas and no one commits to solving them, eventually client facing teams like sales, after sales and projects are left exposed in the line of fire without support. Products are just above the threshold of minimum viable products, nothing revolutionary or innovative, need to go a long way in maturing the products and delivering value to customers. The team where I served had an exodus where people exited in large numbers owing to salaries which were significantly lower than market standards and team morale was very low. A lot of things happen without logic in a bizzare way, sometimes there is no logic of why a certain employee is posted in a certain role/department, unnecessary HR experiments are carried out on lives and careers of young, naive freshers.