Indian eyewear giant Lenskart has made a strategic investment in Ajna Lens, a Mumbai-based AI startup specializing in immersive technologies, as part of its ambitious push into the smart glasses segment. The move comes ahead of Lenskart’s highly anticipated $1 billion IPO, indicating a deeper focus on wearable tech.
Though financial terms of the deal remain undisclosed, this investment gives Lenskart access to Ajna Lens’s AI-powered extended reality (XR) stack. Ajna Lens is renowned for developing innovative wearables, with its AjnaXR headset winning a CES Innovation Award in 2023, placing it on the global tech innovation map.
With this collaboration, Lenskart aims to combine its strengths in optical engineering and frame design with Ajna’s advanced XR capabilities to create next-generation smart eyewear that is practical, stylish, and accessible for everyday users.
Lenskart emphasized that its smart eyewear roadmap will prioritize vision correction and daily wearability, ensuring that the devices remain “glasses first” in both form and function. The partnership aims to fill the gap in the wearable tech market for smart glasses that are not only feature-rich but also cater to core optical needs.
“This investment marks the next chapter in our smart glass journey, which began with the launch of Phonic, our audio-enabled glasses, in December 2024,” said Peyush Bansal, Lenskart’s co-founder and CEO. “With Ajna Lens onboard, we are ready to accelerate product innovation as the smart glasses market gains momentum.”
Founded in 2014 and headquartered in Thane, Mumbai, Ajna Lens is a deep-tech startup building immersive technologies through spatial computing, AI-based vision systems, and a comprehensive XR platform. The company has emerged as a leader in India’s wearable tech space and is now gearing up to co-develop smart glasses solutions with Lenskart.
This strategic partnership arrives at a critical time, as the smart glasses market, valued at over $6 billion, is projected to expand to $15.08 billion by 2032, growing at a CAGR of 10.3%. Lenskart’s entry into this sector positions it as a serious contender among global players vying to capture the next wave of tech-enabled eyewear.
Lenskart’s investment in Ajna Lens aligns with its broader acquisition-led growth strategy. The company has made several tech-driven acquisitions in recent years, including:
Tango Eye: an AI-based computer vision startup
Owndays: a Japanese eyewear brand acquired in 2022 for ~$400 million
Le Petit Lunetier: a Paris-based eyewear label, in which Lenskart’s subsidiary Neso Brands took a stake worth $4 million in 2023
These acquisitions signal Lenskart’s long-term vision to merge fashion, optics, and cutting-edge technology.
Lenskart is gearing up for an initial public offering (IPO), targeting a valuation of $10 billion and looking to raise up to $1 billion. U.S. financial giant Fidelity recently updated Lenskart’s estimated valuation to $6.1 billion, up from $5.6 billion in late 2023, signaling strong investor confidence.
In FY24, the company posted a 43% increase in operational revenue, climbing to ₹5,427.7 crore from ₹3,788 crore in FY23. It also managed to slash losses by 84%, reducing them to ₹10 crore from ₹63 crore the previous year. Revenue primarily stems from eyewear sales, lenses, goggles, and vision services such as eye checkups.
Lenskart currently operates 2,500+ stores globally, with over 2,000 outlets across India. Internationally, it is aggressively expanding in Southeast Asia and the Middle East, backed by a hybrid click-and-mortar model offering both online and offline services.
Additionally, the company plans to build India’s largest eyewear production facility in Telangana’s Fab City, with an investment commitment of ₹1,500 crore, under a signed MoU with the state government.
Industry experts believe that Lenskart’s focus on smart eyewear is a natural extension of its leadership in optical retail. As competition heats up globally, the company’s investment in deep-tech startups like Ajna Lens could help it gain a significant edge in wearable technology, especially in merging utility with innovation.