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Business Standard
21 hours ago
- Business
- Business Standard
Visioning expansion: IPO-bound Lenskart sets sights on AI glasses
Eyewear unicorn Lenskart has invested in Mumbai-based Ajna Lens, a deep-tech startup specialising in extended reality (XR) and AI-powered wearable tech. The deal, the value of which remains undisclosed, marks Lenskart's first serious bet on AI-enabled smart glasses, and comes as it gears up for a $1 billion initial public offering (IPO) at reportedly $10 billion valuation. Ajna's tech is likely to power the next generation of smart eyewear for Lenskart, which already offers 'Phonic Smart Glasses' — Bluetooth-enabled glasses that allow users to take calls, play music and interact with voice assistants. But this new move takes the company deeper into wearables with AI and spatial computing at the core. Founded in 2014 and based in Thane, Ajna Lens won a CES Innovation Award in 2023 for its mixed reality headset, AjnaXR. Globally, smart glasses shipments have more than trebled since 2022, crossing 2 million units in 2024, industry estimates show. In India, the AR and VR eyewear market touched $608 million in 2024, and is projected to hit $1.67 billion by 2033, thanks to demand in gaming, health care, and education, according to IMARC Group, which is involved in market research. But the race is intensifying: The global smart glasses market, which is currently valued at over $6 billion, is expected to reach $15.08 billion by 2032, growing at a compound annual growth rate (CAGR) of 10.3 per cent. Meta dominates the space with its Ray-Ban Meta line, holding over 60 per cent of the global market in 2024, according to Counterpoint Research. Apple and Google are also in the fray. Furthermore, Xiaomi, Samsung, Baidu, ByteDance are expected to roll out products over 2025–26. Against this backdrop, Lenskart is looking to stand out by bringing together Ajna's XR stack with its own expertise in optical engineering to create 'glasses-first' wearables, prioritising vision correction and comfort alongside digital features. The Ajna investment is part of Lenskart's broader playbook to gain tech advantage and scale. It previously acquired Japanese eyewear brand Owndays in 2022 through a $400 million deal. In 2023, Neso Brands, a Lenskart subsidiary, bought a stake in Paris-based Le Petit Lunetier for $4 million. The unicorn also took over Tango Eye, an AI-vision startup, for an unknown amount. Now, the focus is on the company's IPO. US financial services major Fidelity recently increased its estimated valuation of Lenskart to $6.1 billion, according to its latest monthly portfolio disclosure, up from $5.6 billion in November last year. Lenskart recently converted into a public limited company amid its preparation for the IPO. Lenskart's operating revenue jumped 43 per cent to ₹5,428 crore in FY24 from ₹3,788 crore the previous year, while losses shrank sharply, down 84 per cent to ₹10 crore from ₹63 crore. The company runs over 2,500 stores, including 2,000 in India. It's scaling internationally too, with footprints in Southeast Asia and West Asia, powered by a 'click-and-mortar' strategy combining online, app-based, and offline experiences. The company is also setting up its largest manufacturing facility yet in Telangana, investing ₹1,500 crore under a pact with the state government to establish the unit at Fab City. Lenskart competes with players such as Titan Eyeplus, Specsmakers, Vision Express, Warby Parker, and Italian eyewear conglomerate Luxottica Group.
Business Standard
a day ago
- Business
- Business Standard
Lenskart invests in AI startup Ajna Lens ahead of smart glasses push
Eyewear unicorn Lenskart has invested in AI startup Ajna Lens as it races to develop smart glasses ahead of its planned $1 billion IPO, marking the company's latest move into wearable technology. The investment, whose value was not disclosed by the firms, gives Lenskart access to Ajna Lens's artificial intelligence-powered extended reality (XR) technology, as the Mumbai-based startup specialises in developing advanced wearable tech products. Ajna Lens, recognised with a CES Innovation Award in 2023 for its mixed reality headset AjnaXR, is known for developing some of the most advanced wearable technology in the sector. The partnership comes as the global smart glasses market—valued at over $6 billion and expected to reach $15.08 billion by 2032, growing at a CAGR of 10.3 per cent—faces increasing competition from tech giants such as Meta, Apple, and Google. Lenskart said it plans to combine its capabilities in frame design and optical engineering with Ajna's technology to create smart glasses that are more accessible and aligned with everyday consumer use. The company emphasised that its approach to smart eyewear will prioritise the fundamentals of vision correction and wearability, framing them as 'glasses first' in both form and function. '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 headquartered in Thane, Mumbai, Ajna Lens is a deep-tech startup developing immersive technologies powered by spatial computing, AI vision, and an XR stack. The Ajna investment is part of Lenskart's broader acquisition strategy to gain access to new technologies and scale operations. The company has previously acquired firms such as Tango Eye, an artificial intelligence-based computer vision startup. In 2022, Japanese brand Owndays became part of the Lenskart group in a deal estimated at $400 million. In 2023, Neso Brands, a subsidiary of Lenskart, acquired a stake in the Paris-based eyewear brand Le Petit Lunetier for $4 million. Lenskart's aggressive expansion comes as the company prepares for its public market debut. US financial services major Fidelity recently increased its estimated valuation of Lenskart to $6.1 billion, according to its latest monthly portfolio disclosure, up from $5.6 billion in November. The company plans to raise up to $1 billion at a targeted valuation of $10 billion and recently converted its parent entity from a private limited to a public limited company. The company has demonstrated strong financial performance ahead of its IPO. Lenskart's revenue from operations rose by 43 per cent to Rs 5,427.7 crore in FY24 from Rs 3,788 crore in FY23. The firm generates revenue by selling eyewear frames, lenses, goggles, and offering additional services such as eye check-ups. Due to cost-effective management, Lenskart reduced its losses by 84 per cent to Rs 10 crore in FY24 from Rs 63 crore in FY23. Lenskart continues to deepen its penetration in India while rapidly scaling its international presence, including in Southeast Asia and the Middle East. With a unique click-and-mortar business model, it is disrupting the eyewear industry by offering an omni-channel customer experience across online platforms, mobile applications, and stores. The company now has over 2,500 stores, of which 2,000 are in India. Globally and in India, Gurugram-based Lenskart competes with players such as Titan Eyeplus, Specsmakers, Vision Express, Warby Parker, and Italian eyewear conglomerate Luxottica Group. The company is also investing in manufacturing capabilities. It is planning to set up its largest eyewear manufacturing facility in Telangana with an investment of about Rs 1,500 crore. For this, it has signed a memorandum of understanding (MoU) with the Telangana government to establish the facility at Fab City. The smart glasses push positions Lenskart to compete in the emerging wearable technology market, as traditional eyewear companies face pressure to innovate beyond basic vision correction, analysts say.
