Lenskart Invests In AjnaLens To Develop AI-Powered Smart Glasses

IPO-bound omnichannel eyewear giant LensKart has made a strategic investment in Mumbai-based deeptech startup AjnaLens to develop AI-powered smart glasses.

In a statement, Lenskart said the acquisition would combine its expertise in frame design and engineering with AjnaLens’ technological expertise to create smart glasses.

However, the unicorn didn’t disclose the financial details of the deal.

Founded in 2014 by Pankaj Raut, Abhijit Patil, and Abhishek Tomar, AjnaLens provides hardware and software solutions using extended reality (XR) technology. It uses XR to provide learning solutions and claims to cater to defence, enterprises, and more sectors.

The acquisition would allow Lenskart to evolve in the eyewear segment. Last year, the company launched its audio eyewear under the name ‘Phonic’.

“We have been leveraging technology to create distinctive and meaningful eyewear experiences for our customers. This investment marks the next chapter in our smart glass journey, which began with the launch of Phonic, our audio glasses, in December 2024. As the smart glasses category scales rapidly, our partnership with AjnaLens strategically positions us to accelerate product innovation in this space,” said Lenskart cofounder Peyush Bansal.

Founded in 2010 by Bansal, Neha Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart is an omnichannel eyewear retailer serving customers in India, the UAE, Singapore, and Japan. The company claims to have over 2,500 stores and a customer base of 2 Cr.

The development comes at a time when the eyewear unicorn is eyeing a public listing. In the run-up to its IPO, Lenskart recently converted into a public entity. 

Lenskart’s Gears Up For IPO

In January, reports first surfaced that the eyewear unicorn had initiated talks with bankers for a $750 Mn to $1 Bn IPO. With an eye on a FY26 listing, the company, earlier this year, roped in Kotak Mahindra Bank and Morgan Stanley to helm the IPO. 

In May, Lenskart’s board passed a special resolution to change the name of the company to “Lenskart Solutions Limited” from “Lenskart Solutions Private Limited”. In its filing, Lenskart said that the name conversion will enable it to undertake its IPO on “one or more stock exchanges”. 

Last month, a fund managed by US-based financial services major Fidelity Investments increased the valuation of Lenskart on its books by 21% to $6.1 Bn from its previous valuation of $5 Bn. Fidelity joined the cap table of the eyewear unicorn last year when it raised $200 Mn from Temasek and Fidelity Management & Research Company. 

Overall, Lenskart has raised a total funding of $1.75 Bn to date from investors like Temasek, Fidelity, ChrysCapital and Avendus among others.

On the financial front, Lenskart narrowed its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr in the previous fiscal year. Operating revenue jumped 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23.

Besides Lenskart, a host of new-age startups are looking to go public this year, including Meesho, Urban Company, Shiprocket, PhysicsWallah, Pine Labs, Curefoods, among others.