Paytm, CRED are giving initiatives to help increase oxygen supply in India

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Paytm has announced a fundraising campaign to combat oxygen deficiency in India caused by the second wave of coronavirus. The company, through its charity Paytm Foundation, raises Rs. 10 crores for donation of oxygen concentrators throughout the country. The initiative is called “Oxygen for India” and aims to directly help people in need of oxygen. Fintech CRED, a startup, is also trying to help with oxygen supplies and is partnering with the Milaap Healthcare Fundraising Platform to procure and distribute oxygen concentrators across the country. The company says it plans to distribute a billion liters of life-saving gas through the partnership.

Under the Oxygen for India program Paytm insists that consumers donate money through a special portal and in return promises to match any contributions made.

“All contributions made through Paytm will be transferred directly to the Paytm Foundation. The Paytm Foundation will purchase oxygen concentrators and distribute them to those in need. ” wrote on the FAQ page.

Contributions made to the Oxygen for India campaign are not exempt from income tax according to the FAQ page, although the company promises to provide receipt receipts in a few days.

Paytm Foundation he says it will import over 3,000 oxygen concentrators to India, working with its supply partners. It is also claimed that the company has already raised above Rs. 1.5 crores and place an order for 1000 oxygen concentrators worth Rs. 4 crores.

In a similar way, I GUESS works with Milaap to supply and distribute oxygen concentrators. The Bengaluru-based company is asking its customers to donate their loyalty points called CRED coins.

“For every 10,000 CRED coins our members buy, we will distribute 1,000 liters of oxygen through these hubs,” the company said. said in a blog post.

However, unlike Paytm, CRED did not provide any details on the amount it plans to collect through CRED coins that it will receive from its customers. The company also shows participants the amount of oxygen it could distribute through the oxygen concentrators it will supply, which means that it is not entirely clear how much impact your donation would have. On the other hand, as these are loyalty points, it is very easy for consumers to contribute without having to spend anything extra, which can encourage more people to participate.

“CRED will fund the entire administrative fee and support Milaap to ensure that contributions reach those who need it most,” the company said.

Milaap has promised to provide details on how it will deploy the funds it receives from CRED to supply and distribute hubs through a microsite by May 3rd, ensuring transparency in the process. Contributors will also receive an update for the deployment via email.

CRED is further open to funding ideas that can make hospitals self-sufficient with oxygen through on-site oxygen generators or equipping other oxygen transfer containers. The company has also set up an internal COVID working group to gather resources from a variety of sources to help its staff, contractors and trainees in the pandemic. It also announced a Partnership Fund to support small and independent businesses in need.

Disclosure: Paytm One97’s parent company is an investor in NDTV’s Gadgets 360.

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