Facebook set to buy Indian Startup Little Eye Labs for $15 Million.
Bangalore-based Little Eye Labs has become the first Indian firm to be bought by Facebook, going from creation to acquisition in less than 18 months.
For Facebook, the deal helps in its push towards the mobile environment, and at areally cheap price. An investor in Little Eye said the American company was striking a really good bargain; such a package would have cost much more anywhere else in the world. Little Eye is majority-owned by its team of eight, including the five founders. GSF SuperAngels and VenturEast Tenet had invested a total of about $400,000 (Rs 2.5 crore) in the fledgling company nine months ago.
The deal has enthused the startup community in India with many believing that this is only the beginning of many more such transactions.
Little Eye Labs was founded in August 2012 by Rangarajan and his colleagues from Rational Software. The entire Little Eye Labs team will move to Facebook's headquarters in Menlo Park, California.
The deal has enthused the startup community in India with many believing that this is only the beginning of many more such transactions.
Little Eye Labs was founded in August 2012 by Rangarajan and his colleagues from Rational Software. The entire Little Eye Labs team will move to Facebook's headquarters in Menlo Park, California.
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