VisionSpring to Open 10 Optical Shops in India With USAID Development Innovation Ventures Grant
|September 7, 2012 12:18 AM
NEW YORK—USAID Development Innovation Ventures, an organization focused on worldwide development and social purpose, has agreed to give
VisionSpring a $585,300 grant of stage two funding. The grant will allow VisionSpring to open 10 new optical shops in various locations throughout India.
According to current estimates provided by VisionSpring, over 300 million Indians whose vision could be restored with corrective eyewear have limited access to glasses and other critical eyecare. The social enterprise, whose mission is to provide low-cost eyeglasses to developing countries, plans to target the 145 million potential “Base of the Pyramid” (BoP) Indian consumers, or those who survive on $2 a day, who would otherwise be unable to afford or access eyeglasses. VisionSpring’s optical shops, or BoPtical Care Hubs, offer comprehensive eye services to these consumers. With the three-year grant, the enterprise plans to give 600,000 vision screenings, sell more than 200,000 pairs of glasses and generate $43 million in economic impact.
Dr. Jordan Kassalow, CEO and founder of VisionSpring, said the company is “thrilled to be working with USAID to create an investible business model for optical services that provide critically needed eyecare for the BoP consumer in India.”
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