Paytm has announced a fundraising campaign to combat the oxygen shortage in India caused by the second wave of the coronavirus. The company raised rupees through the charity Paytm Foundation. Donated 1 billion U.S. dollars of oxygen generators to the country. The program is called “Oxygen in India” and aims to directly help people who need oxygen. Fintech start-up CRED is also trying to provide oxygen supply and is working with medical fundraising platform Milaap to purchase and distribute oxygen concentrators in the country. The company said it plans to distribute 1 billion litres of life-saving gas through this partnership.
According to the Oxygen Initiative in India, Paytm urges users to donate through a dedicated portal, and in return promises to match each donation.
“All donations made through Paytm will be transferred directly to the Paytm Foundation. Paytm Foundation will purchase oxygen concentrators and distribute them to those in need,” the company wrote on its “FAQ” page.
Although the company has promised to provide a receipt within a few days, according to the “FAQ” page, donations to the “India Oxygen” event will not be exempt from income tax.
Paytm Foundation stated that it will cooperate with its purchasing partners to import more than 3,000 oxygen generators to India. The company also claimed to have raised more than Rs. 15 million rupees, and ordered 1,000 oxygen concentrators, valued at Rs. 40 million.
When we placed an order with our own funds, we had already purchased consumables for oxygen generators of different sizes.We hope you work together to solve #OxygenShortage .
Donate here https://t.co/YlBF6S4c2p, we will match your contribution and use it to source OC.
In addition, do RT
-Vijay Shekhar Sharma (@vijayshekhar) April 25, 2021
Similarly, CRED is working with Milaap to purchase and distribute oxygen concentrators. The Bangalore-based company requires its users to donate their loyalty points, called CRED coins.
The company said in a blog: “For every 10,000 CRED coins exchanged by our members, 1,000 liters of oxygen will be distributed through these concentrators.”
However, unlike Paytm, CRED did not provide any detailed information about how much funds it plans to raise through CRED coins received by its users. The company also showed donors the amount of oxygen that will be able to be distributed through its oxygen supply device, which means it is not clear how much impact your donation will have. On the other hand, since these are loyalty points, users can easily contribute without spending extra money, which may encourage more people to participate.
The company said: “CRED will cover all administrative costs and support Milaap to ensure that these donations can meet those who need it most.”
Update: CRED members can now donate CRED coins to buy oxygen concentrators for hospitals and medical institutions across India. To reach the goal of 1 billion liters, we have partnered with Milaap to ensure that hospitals in need can receive donations.
-Kunal Shah (@kunalb11) April 26, 2021
Milaap promised to provide detailed information on how to obtain funds from CRED by May 3, which will be used to purchase and allocate concentrators through micro-sites to ensure the transparency of the process. Contributors will also receive the latest information about the deployment via email.
CRED is also open to provide funding to help hospitals make oxygen self-sufficient by moving oxygen through on-site oxygen generators or equipped with other containers. The company has also set up an internal COVID task force to gather resources from various channels to help its full-time employees, contractors and interns participate in the pandemic. In addition, it announced a partnership fund to help small independent businesses in need.
Disclosure: Paytm’s parent company One97 is an investor in Advertisement Shout of NDTV.
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