ESIP Lenskart Lenskart Solutions Private Limited (Lenskart or the Company), based in Delhi, India, was established in 2008 and is currently engaged in the assembly, wholesale distribution and supply of affordable eyewear products, such as eyeglasses and contact lenses, primarily for prescriptive purposes. It is also setting up a facility for manufacturing prescription lenses through fully automated machines. The proposed investment (Project) consists of up to US$25 million in equity for a minority stake in Lenskart in order to finance the expansion of the Companys wholesale business for distribution and supply of eyewear products in India and for its prescription lens manufacturing facility.   India continues to be an underserved market for quality healthcare products and is a large market for eye ailments. An estimated 350 million people do not have access to prescription eyewear despite having a medical need, due to lack of diagnosis, poor access or affordability. The Company has provided quality eyewear products at affordable prices to over 600,000 people in FY15 and this number is projected to increase to more than 5 million by FY21, supported by the expansion as part of this project.   The Company is addressing issues of accessibility, affordability and awareness by supplying prescription eyeglasses and contact lenses on a wholesale basis to several retail partners, who make these products available for purchase online as well as numerous offline locations such as stores and customers homes. Customers can also get eye tests by the optometrists available at these locations. The Companys partners also organize eye test camps in rural as well as urban areas to create awareness on the need for vision correction.  The Companys partner franchisees are micro-entrepreneurs and, as Lenskart grows, it is creating capabilities across numerous first-time entrepreneurs in Indias Tier 2/ 3 cities. As of December 2015, it has already partnered with more than 90 franchisees in over 50 cities, of which more than 45 are in Tier 2/3 cities and 15 are in the Low Income States of India.  In addition, the Companys products are made available through more than 100 home eye checkup partners conducting more than 300 checkup appointments everyday across the country. This helps expand the market to customers who may be in need of vision correction eyewear but are not aware of the particular specifications of prescription eyewear that will help them.  The Company is setting up a centralized processing, manufacturing and assembly facility for eyewear products in India.The Company is focused on leveraging technology as it scales rapidly, applying robotic and mechanized assembly and manufacturing capabilities and monitoring processes at every step of the value chain to drive product quality, process efficiency and low cost production and distribution. The proposed investment is closely aligned to the World Bank Group''s strategy for private sector health care in India. Healthcare is one of the most basic human needs and is fundamental to the well-being and socio-economic development of any society. However, access to basic healthcare remains deficient, if not absent, for many in developing countries including India. To address this issue, public spending on healthcare has increased in many countries, but supply has not kept pace with the demand, which is driven by a growing and aging population. Consequently, the private sector is playing a significant and expanding role in providing healthcare services in developing economies as witnessed in India The World Bank Group seeks to engage the private sector to increase and improve access to affordable, quality health services, particularly in underserved geographies such as low-income states and Tier 2/3 cities, while reducing the burden of out of pocket health care expenditures.  -Affordable access to eyewear products in underserved geographies: With this fundraise, the Company intends to expand its distribution via franchisee partners to more than 100 Tier 2/3 cities in India.   -Increase in consumers reached: The Company''s eyewear products reached 600,000 consumers in the year FY15 and this number is expected to increase to more than 5 million by FY21, supported by the expansion undertaken as part of this project.  -Employment opportunities: Continued business expansion through this Project is expected to create additional jobs, both directly and indirectly, in the sourcing, processing, supply chain, and distribution. The Company has over 300 staff members involved in its direct operations, in addition to over 1,100 througha broader network of 90 franchisee partners, and it is scaling both members rapidly. It intends to keep growing its business to distribute its products through more than 400 franchisee stores and 800 home eye checkup teams by FY21, creating employment for over 2,000 people.  -Skill development and manpower training: Lenskart plays a significant role in skill development in three major areas (i) training people to operate complex machinery that Lenskart procures to manufacture lenses (ii) training a growing number of vision technicians and optometrists for home eye care examinations and (iii) helping their franchisees recruit and train staff needed for their operations.The Company has worked in collaboration with Skill Tree, an authorized skill development partner appointed by the National Skill Development Corporation (NSDC), to develop a Refraction Training Program to help train optometrists. Skill Tree identifies individuals who are then trained through a six month program run in collaboration with Lenskart. People graduating from this program are assessed, certified and given employment through the Company''s ecosystem of franchise and home eye checkup partners.  -Promoting Diversity: Of the 1100+ staff currently employed by the Company and its franchise partners, over 15% are women. Nearly 2% of the employees in their manufacturing operations are specially-abled. The Company trains and improves their skill set, and builds a career path for them by offering senior staff supervisory roles and a chance to grow as professionals.  -Better quality and lower prices: The Company will provide quality products at affordable prices. Currently, the market is fragmented and small stores use manual or semi-automatic machines, leading to errors in the eyeglasses which are finally given to customers. The Company largely uses fully-automated machines which are much more accurate and economical.