Zinnov has expressed that Facebook's acquisition of Bangalore based Little Eye Labs is a sign of India emerging as a product destination in the application space. While Facebook finds it a small step to enter India, it has attracted the global companies focus on the Indian startups.
Praveen Bhadada, Director, Market Expansion, Zinnov says, “While from a Facebook perspective it could be a small step to look at India market for acquisition, but it’s a giant step from an Indian start-up ecosystem perspective. The number of technology start-ups forming ever year in India has quadrupled since 2006 and a number of VCs, angels, incubators & accelerators are now active in India and NASSCOM also launched it 10000start-ups initiative. This acquisition will certainly provide necessary boost to the already growing ecosystem. We expect to see more and more SV companies eyeing the Indian start-ups going forward”.
He further adds,“This acquisition fits in very well to the overall mobile strategy of Facebook and will give access to a good talent pool from India along with a technology that could help track & improve the performance of Facebook Apps. The deal value is not disclosed but is speculated to be a less than $15 million amount. This is certainly one of the few firms from Silicom Valley to acquire an Indian start-up”.
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