ESIP Lenskart (IFC-37742)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 22, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Lenskart Solutions Private Limited
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 4, 2017

Disclosed by Bank Feb 19, 2016


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Project Description
Lenskart, 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 of 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 Solutions Private Limited ("Lenskart" or the "Company") in order to finance the expansion of the company's wholesale business for distribution and supply of eyewear products in India and the setting up of its prescription lens manufacturing facility ("Laboratory facility").The company is addressing the issues of accessibility, affordability and awareness of quality prescription eyewear by supplying prescription eyeglasses and contact lenses on a wholesale basis to several independent franchise partners who in turn make these products available for purchase online as well as at numerous offline locations such as stores and customers' homes. Customers can also get their eye tests done and get screened for any potential issues by the optometrists available at these offline locations. The company's partners also carry out eye test camps in rural as well as urban areas for creating awareness towards the need for vision correction.Lenskart has a vertically integrated business model with a robotic finishing and assembly facility in Okhla Industrial Estate, in New Delhi, India ("Assembly facility"). The lenses and frames are sourced from various suppliers and cut, finished and assembled at the Assembly facility based on the received orders. The main operations at the facility are receiving and storage of frames and lenses, picking (based on orders), machine cutting of lenses, fitting, assembly, packing and dispatch.The company, through a wholly owned subsidiary, also has recently leased another facility ("Laboratory facility") within the same industrial estate where the company has commissioned a fully automated lens manufacturing laboratory to reduce dependence on external suppliers for lenses. In addition to the lens manufacturing, other operations at the facility are receipt and storage of sunglasses and lenses, picking, packing and dispatch. The company is currently evaluating locations for a new facility ("proposed facility") where all the operations of current facilities will be shifted in the next 12 months.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
COMPANY CONTACTS Peyush Bansal, Chief Executive Officer, LENSKART SOLUTIONS PRIVATE LIMITED, W-123, GREATER KAILASH, PART-2, NEW DELHI - 110048, Delhi, INDIA ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/