VC Offer - What do I do?

Hey, 

So, I got this offer from VC for the analyst position; however, the offer letters states that I will come in as a consultant with an initial term of one year (extendable with mutual decision) and not an employee. Moreover, the pay would be what I am currently earning, with a potential hike if the final close is above a certain level + 0.5% carry.

The VC is new and recently had their first close of the first fund ($50mn target). I will also be the only analyst here along with 3-4 management people. Sector coverage includes climate-tech, agri-tech, deep-tech, health-tech etc.  

To put things into perspective, I currently work at a KPO (backend stuff) in India and I want to leave now. I have a pretty good work experience here - working for a US-based PE - thankfully the work has involved proper PE work and not just grunt/stupid work - have worked with investment memos, LBO models, DD, portfolio monitoring etc. But this is obviously nothing compared to working at a proper PE/VC.

The thing is that I am not really learning anything here now, but does it make sense to leave for a contract with a term of one year? I do not want to be spending more time here and I believe it would be difficult to get out if I stay here longer. Is the learning trade-off worth it?

I asked them to remove the tenure term (they said they might do this), but do not seem willing to change the contract to an employment agreement with a small hike. 

Would appreciate any tips!