Social networking giant Facebook is currently in discussions to acquire product startup Little Eye Labs. This would be Facebook's first purchase of a product company in India, according to Business Standard.

The said deal will also be a first for Indian Software Products Industry Roundtable (iSpirt), a software product think-tank that has facilitated the transaction via its M&A Connect program. If the deal pushes through, this will be a huge accomplishment for iSpirt, which has been exerting efforts to bring Indian product firms to the global arena, the report said.

Little Eye Labs is a tech startup based in Bangalore. The firm builds monitoring and performance analysis tools for Android app developers. The company was founded in May 2012 by four program analysis experts in Bangalore. According to tech firm database CrunchBase, Little Eye Labs currently employs around seven people, the report stated.

Facebook and Little Eye Labs have yet to comment on the said acquisition, Business Standard reported.