Nope. Nothing like it at all. It's totally different. No way could anyone call Little Masters a Pokémon rip-off. Just look at it. See? Totally different.
Recently released on iOS, Little Masters is a game in which you caught monsters, train them, and have them fight. Know why they call the game "Little Masters"? Because the developers haven't yet figured out how to master making something original. They have, however, figured out how to copy something!
Little Masters - Universal [YouTube]