Eyewear unicorn Lenskart has invested in AI startup Ajna Lens as part of its push to develop smart glasses, ahead of its anticipated $1 billion IPO—signaling a deeper foray into wearable technology.
While the deal’s financial details remain undisclosed, the strategic investment gives Lenskart access to Ajna Lens’s AI-driven extended reality (XR) technology. The Mumbai-based startup is known for its cutting-edge wearable tech innovations.
Ajna Lens earned global recognition in 2023 when it won a CES Innovation Award for its mixed reality headset, AjnaXR, establishing itself as a leading developer of advanced wearables in the industry.
This partnership comes amid heightened global competition in the smart glasses space, a market valued at over $6 billion and projected to grow to $15.08 billion by 2032 at a CAGR of 10.3%. Lenskart said it aims to blend its strengths in frame design and optical engineering with Ajna’s XR expertise to develop smart glasses that are both accessible and suitable for everyday use.
The company emphasized that its smart eyewear strategy will focus primarily on vision correction and everyday wearability, positioning the products as “glasses first” in both design and functionality.
“This investment marks the next chapter in our smart glass journey, which began with the launch of Phonic, our audio glasses, in December 2024,” said Peyush Bansal, co-founder and chief executive officer of Lenskart. “As the smart glasses category scales rapidly, our partnership with Ajna Lens strategically positions us to accelerate product innovation in this space.”
Founded in 2014 and based in Thane, Mumbai, Ajna Lens is a deep-tech startup focused on building immersive technologies using spatial computing, AI vision, and a comprehensive XR stack.
Lenskart’s investment in Ajna Lens aligns with its broader acquisition-driven strategy to tap into emerging technologies and scale its business. The company has previously made notable acquisitions, including Tango Eye—an AI-powered computer vision startup. In 2022, Lenskart added Japanese eyewear brand Owndays to its portfolio in a deal estimated at $400 million. The following year, its subsidiary Neso Brands acquired a stake in Paris-based eyewear label Le Petit Lunetier for $4 million.
This aggressive expansion comes as Lenskart prepares to go public. U.S. financial services giant Fidelity recently raised Lenskart’s estimated valuation to $6.1 billion, up from $5.6 billion in November, according to its latest portfolio disclosure. The company aims to raise up to $1 billion at a targeted $10 billion valuation and has already transitioned its parent entity from a private limited to a public limited company in preparation for the IPO.
Lenskart has shown strong financial momentum ahead of its planned IPO. In FY24, its revenue from operations surged 43% to ₹5,427.7 crore, up from ₹3,788 crore in FY23. The company generates income through the sale of eyewear frames, lenses, goggles, and value-added services such as eye check-ups. Effective cost management also helped Lenskart slash its losses by 84%, bringing them down to ₹10 crore in FY24 from ₹63 crore the previous year.
While deepening its footprint in India, Lenskart is also expanding aggressively overseas, particularly in Southeast Asia and the Middle East. Leveraging a distinctive click-and-mortar model, the company offers a seamless omni-channel experience across digital platforms and physical stores. Today, Lenskart operates over 2,500 outlets globally, with 2,000 located across India.
Lenskart is also ramping up its manufacturing capabilities, with plans to build its largest eyewear production facility in Telangana. The company has signed a memorandum of understanding (MoU) with the Telangana government to set up the plant at Fab City, committing an investment of around ₹1,500 crore.
According to analysts, Lenskart’s smart glasses initiative positions the company to compete in the rapidly evolving wearable tech space, where traditional eyewear brands are under growing pressure to innovate beyond standard vision correction solutions.
