Ahead of IPO Lenskart Invests in AI Startup Ajna Lens for Smart Glasses Push

Lenskart has invested in Mumbai-based deep-tech company Ajna Lens, as per the news reports. The amount has not been disclosed. The deal comes as Lenskart works on developing smart glasses as the company prepares for its initial public offering (IPO), it's reportedly eyeing a $10 billion valuation, aiming to raise $1 billion.

Focus on Smart Glasses

Ajna Lens builds products in extended reality (XR) and artificial intelligence. Lenskart is expected to use Ajna’s tech for its next set of wearable eyewear. The company already offers Phonic Smart Glasses, which support Bluetooth functions like calls and music.

Background on Ajna Lens

Ajna Lens was founded in 2014 and is headquartered in Thane. It develops XR tools used across defence, education, and enterprise use cases. In 2023, its AjnaXR headset won a CES Innovation Award.

Growth in Smart Eyewear Market

According to Counterpoint Research, Shipments of smart glasses crossed 2 million units globally in 2024. This is up more than 3x from 2022. The global market is valued at over $6 billion and is projected to reach $15.08 billion by 2032, as per news reports.

India’s Market 

In India, the AR and VR eyewear market was valued at $608 million in 2024. Reports estimate the market will grow to $1.67 billion by 2033. Key demand comes from education, gaming, and healthcare.

Previous Deals by Lenskart

The company acquired Japan-based Owndays in 2022 for $400 million. In 2023, its subsidiary Neso Brands picked up a stake in French eyewear label Le Petit Lunetier. Lenskart also took over computer vision startup Tango Eye.

IPO and Financials

Lenskart has converted to a public limited company. US firm Fidelity recently increased its valuation to $6.1 billion. FY24 revenue was ₹5,428 crore, up 43% from last year. Losses narrowed to ₹10 crore.

Read more: Lenskart IPO: Eyewear Giant to File DRHP Publicly By Early July, Opting Out Confidential Route!

Conclusion

Lenskart’s investment in Ajna Lens adds to its recent tech-focused activity. The company is aligning these efforts with its broader expansion and upcoming IPO plans.

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