Ashvin Kumar co- founded Blippy raises $11 Million
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Bangalore: Blippy, a California-based service provider of credit card transactions, has raised $11 million in Series B round of venture funding. The latest round was led by August capital and Charles River Ventures (CRV). Co- founded by Ashvin Kumar, Philip Kaplan and Chris Estreich in 2009, Blippy is now valued at $46.2 million. With the current strength of 10 employees, it seems to be a new wave in the social media sites, wherein the item purchased, the place of purchase and the amount spent on a commodity can be easily shared among Blippy users. Blippy is a service that allows users to automatically share your credit card transactions as the users make them. This includes the place you 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. About the plan of action on using the fund raised, Kaplan told TechCrunch, "Expanding our services, doing marketing, and closing some large business development deals." The service provider faced one of the worst crisis, when the credit card numbers of five users were available on google search results. "Five accounts is too many, anything more than zero is unacceptable," CEO Kumar says. "It's the worst thing that could happen", Kumar adds.

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