The purpose of this study is to test the hypothesis that Impact Enterprises create more jobs than Business Enterprises as they serve under-served populations and geographies with under-developed infrastructure vis-a-vis their counterparts in the business world. The study estimates average employment generated by Impact Enterprises in India per $1 million of investment using data for 40 Impact Enterprises across 9 impact sectors. This is compared with avg. employment generated per $1 million of investment by Business Enterprises included in benchmark indices of India across different market capitalization categories. This is a short dipstick study for a small sample and the intent is to catalyze more detailed research. IDFC Bank has done this study pro bono on request from GSG. This report is from IDFC Bank and the GSG. GSG and IDFC Bank would like to thank Aavishkaar, Lok Capital, and Michael & Susan Dell Foundation for their support in data collection.