How Paytm And CRED Are Addressing COVID-19 Oxygen Shortages?

Paytm has launched a fundraising drive to combat the oxygen shortage in India caused by the second wave of the coronavirus. CRED, a fintech company, is also attempting to assist with oxygen supplies, partnering with healthcare crowdfunding platform Milaap to acquire and distribute oxygen concentrators across the world.

Paytm is raising Rs. 10 crores through its philanthropic arm, Paytm Foundation, to donate oxygen concentrators across the world. In addition, both organizations say that they have identified oxygen concentrator supplies and prepare to place orders by donation.

The news comes as many hospitals and health facilities in the nation's capital and other areas of the world are running out of oxygen supplies for covid patients.

Paytm is encouraging users to donate money through a dedicated portal as part of the Oxygen for India initiative, promising to match each donation made.

We will distribute 1000 liters of oxygen through these concentrators for every 10,000 CRED coins our members redeem, the Cred blog said.

Milaap, which has received over Rs 1200 crore in donations in the last ten years, will receive all of the funds collected. CRED will cover the entire administration fee and work with Milaap to ensure that the donations get to the people who need them the most.

Members of CRED may use their coins to donate oxygen by visiting the connection in the caption. You can always donate if you aren't a CRED member: bit.ly/CREDfundraiser.

The Paytm Foundation says it will work with its sourcing partners to bring over 3,000 oxygen concentrators to India. The company also claims to have raised over Rs. 1.5 crores and placed an Rs. 4 crore order for 1,000 oxygen concentrators.