Thursday, January 9, 2014

India Company Little Eye Labs Purchased By Facebook

Peerzada Abrar reports that 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.

Little Eye, which its co-founder Kumar Rangarajan said is "like a microscope for mobile app developers", is being acquired for around Rs 90 crore, or $15 million, becoming the third Asian company (the two others are Malaysian) to join the fold of the world's largest social networking site.

"How much better can it get?" remarked Rangarjan, 38, who is the 'chief ion' of the company, which he says is run by "positively charged particles".

For Facebook, the deal helps in its push towards the mobile environment, and at a really 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.

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