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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.