Paytm, CRED Launch Initiatives To Fight The Shortage Of Oxygen

Paytm has pledged to match donations made by its users' rupee for a rupee, while CRED has announced that its users can donate their CRED coins to help healthcare organizations purchase oxygen concentrators.

As part of its 'Oxygen for India' project, Paytm announced on Monday (April 26th) that it plans to collect Rs 10 crore and import 3,000 oxygen concentrators for government and private hospitals, COVID-19 treatment centres, NGOs, and resident welfare associations.

The fintech giant has invited its users to donate money via its platform and has pledged to match each contribution made, rupee for a rupee. According to the company, it has already placed an order for 1,000 oxygen concentrators worth Rs 4 crore. Users have already contributed up to Rs 1.5 crore, and the Paytm Foundation has matched that amount, bringing the total contribution to Rs 3 crore.

"Realizing that the country does not have an adequate supply of oxygen concentrators, the foundation decided to swing into action and search globally for these devices. With aim of saving a maximum number of lives, the foundation is working on tie-ups with sourcing partners to import over 30,000 oxygen concentrators to India in due course," the press release said.

CRED, based in Bengaluru, has also launched an initiative to raise funds for the purchase of oxygen concentrators for healthcare organizations. Milaap has invited its members to donate their CRED coins toward the purchase of oxygen-related equipment, which will be facilitated by the startup. The initiative's goal is to raise funds to purchase equipment capable of producing one billion litres of oxygen.

CRED said it will disburse funds in advance, against future procurements, to help its partner ecosystem navigate the crisis, as well as provide physical and mental health support, salary advances, and vaccination support to all of its employees.

Update: CRED members can now donate CRED coins towards buying oxygen concentrators for hospitals, healthcare orgs across India. With a goal of 1 billion litres, we’ve partnered with Milaap to ensure contributions reach hospitals in need.

— Kunal Shah (@kunalb11) April 26, 2021

"It’s easy to say stay strong, much harder to do so. But when we come together as a collective force, we can emerge from this crisis. Do all that you can - as little as it may be, our efforts can make it easier on each other," CRED's Kunal Shah wrote on Twitter.