You could consider the following facts before deciding:
1. There is an ocean of difference between getting a NOC from Ministry and AOP from DGCA
2. This outfit got its NOC in Jan 2012, around the same time as Costa. Costa is up and running, Flyeasy is on its 5th or 6th NOC extension.
3. Pegasus got an NOC in Nov 2011, recruited pilots in Jan'14. They are still sitting around. AOP not yet issued. There is a very interesting interview with the MD of Pegasus in the flying engineer . May like to read it and discover for your self the gap between intention and reality
pegasus | Search Results | The Flying Engineer
All the best.