Paytm, CRED launch initiatives to fight shortage of oxygen

Paytm on Monday said it aims to raise Rs 10 crore and import 3,000 oxygen concentrators for government and private hospitals, COVID-19 care centres, NGOs, and resident welfare associations, as part of its initiative called 'Oxygen for India'.

The fintech giant has invited its users to donate money on its platform, and said it will match each contribution made, rupee for rupee.

The startup has already placed an order to import 1,000 oxygen concentrators worth Rs 4 crore, it said. So far, users have already contributed up to Rs 1.5 crore, and the Paytm Foundation has matched that amount to a total of Rs 3 crore.

"Realising 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.

Bengaluru-based CRED has also launched an initiative to raise funds to buy oxygen concentrators for healthcare organisations. The startup has invited its members to donate their CRED coins towards buying oxygen-related equipment, which will be facilitated by Milaap.

The initiative aims to raise funds to procure equipment to produce one billion litres of oxygen.

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

"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.