Facebook invests $40,000 in Indian fashion start-up

Under the program, the Indian start-up will receive mentoring from Facebook�s engineering teams

Facebook invests $40,000 in Indian fashion start-up

Facebook is investing $40,000 in an Indian end-to-end fashion re-commerce platform, CloutOut, under its “FbStart” programme.

Started in 2015, the social networking giant’s “FbStart” programme is aimed to help developers enhance their business by leveraging valuable tools and services, worldwide events and opportunities to engage with the Facebook team, media reports said.

Under the program, the Indian start-up will receive mentoring from Facebook’s engineering teams, the statement released by Facebook said.

“‘FbStart’ program will be an immense boost to us at this phase of our evolution. Receiving mentorship from the pioneer of social networking will bring a huge opportunity for us to lead the fashion re-commerce revolution in India within the next couple of years,” CoutLoot Co-founder Jasmeet Thind was quoted by IANS as saying.

With this development, CloutOut will have access over 25 services including open source tools such as React Native, FB login and Account Kit and App Analytics. In addition, it will get access to the exclusive community of Facebook’s developers and worldwide events.

Reports earlier said Facebook is  testing a new model for public Wi-Fi deployments for offering quality internet access in rural parts of India.

Facebook's Internet.org page stated the company's Express Wifi is live in India and it is "working with carriers, internet service providers and local entrepreneurs to help expand connectivity to underserved locations around the world," media reports said.

Meanwhile, Facebook CEO Mark Zuckerberg has sold $95 million in Facebook stock between November 17 and 18,  regulatory filings revealed recently.

Reportedly, the sale follows $190 million in Facebook stock sold by the same entities in October and another $190 million sold in September, Forbes reported on Monday adding that Zuckerberg has said that he will not sell or give away more than $1 billion in Facebook stock per year through 2018.

“Zuckerberg’s net worth at $52 billion. His net worth has increased over the past year despite the stock sales as a result of the rise in Facebook’s stock price,” the report said.