Paytm has launched a fundraising drive to combat the oxygen shortage in India caused by the second wave of the coronavirus.
Paytm announced on Monday, April 26th, that as part of its ‘Oxygen for India’ project, it intends to collect Rs 10 crore and import 3,000 oxygen concentrators for government and private hospitals, COVID-19 treatment centers, NGOs, and resident welfare associations.
“All the contributions made through Paytm will be directly transferred to Paytm Foundation. Paytm Foundation will buy oxygen concentrators and distribute them to the needy,” the company wrote on its FAQ page.
The campaign, dubbed “Oxygen for India,” aims to support people who are in desperate need of oxygen. 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.
According to the FAQ website, contributions to the Oxygen for India initiative are not tax deductible, though the company has agreed to provide donation receipts within a few days.
However, unlike Paytm, CRED has not provided any details on how much amount it is planning to raise through the CRED coins it will receive from its users. The company is also showing the contributors the amount of oxygen that it would be able to distribute through the oxygen concentrators it will source, which means it’s not entirely clear how much of an impact your donation would make.