Potential game changer for India

Facebook's mobile-first approach could potentially be a game changer in countries such as India, where a majority of users access the social site on smartphones.

But its India launch date is not known. "It could be a powerful idea to start such a platform, especially because of Facebook's large user base. But, it would have been a threat to the existing players, if the social site enabled payment and delivery," said Pinaki Ranjan Mishra, partner and national leader, Business and Risk Advisory Services, EY.

In India, Facebook's potential entry could disrupt the models built by Naspers-owned OLX and Tiger Global-backed Quikr, which have a majority of its users come on and transact on their smartphones. Facebook has over 150 million users in India.