Facebook set to buy Little Eye Labs for $10-15 million: Report

The final deal is expected to be signed by mid-January following which most of the Little Eye Labs's founding team will move to Facebook's US headquarters, and work there as part of the mobile engineering team, the report added.

Twitter is also said to be in talks for its first acquisition of an India-based startup, Frrole.

It is a Big Data startup that analyses tweets by Twitter users to generate insights for media, consumer and entertainment verticals.

Based in Bangalore, this company is described as a social newspaper that gets its data from Twitter.

It sifts through over 10 million tweets per day and divides them into categories.

The company covers data from 55 cities in six countries to aggregate content.