Indian co-founded Blippy raises $1.6 Million

Bangalore: Palo-Alto, California based start-up Blippy, a social network for credit card purchases, has raised $1.6 million in venture funding. This round of financing is led by Charles River Ventures, Sequoia Capital, Ron Conway, Twitter CEO Evan Williams, Jason Calacanis, James Hong and Ariel Poler.

Founded in December 2009 by Ashvin Kumar, Chris Estreich and Philip Kaplan, Blippy is a service that allows the users to automatically share their credit card transactions as they make them. This includes the place where the users made the purchase, the amount, and in some cases, the item. This is all placed in a social stream where other Blippy users can comment on and "like" the various items.

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According to the company, the possibility of monetization appears to be great as celebrities or other high profile individuals could share their purchases with fans or followers. For example, if Twitter CEO Evan Williams purchases a book or attends a conference, his followers, or friends may want to make the same purchase.

Since the launch of its private test, 5000 people have tried the service with an estimate of $5 million worth of purchases.