IPO-bound omnichannel eyewear giant Lenskart has taken a futuristic step in its journey by investing in Mumbai-based deeptech startup AjnaLens to develop AI-powered smart glasses.
The partnership, announced this week, will bring together Lenskart’s expertise in frame design and customer experience with AjnaLens’ cutting-edge extended reality (XR) technology to create next-generation smart eyewear. Financial terms of the deal were not disclosed.
Founded in 2014 by Pankaj Raut, Abhijit Patil, and Abhishek Tomar, AjnaLens is known for its XR hardware and software solutions, serving sectors like defence and enterprise learning. The collaboration builds on Lenskart’s earlier foray into smart eyewear with the launch of its audio-enabled glasses, Phonic, in December 2024.
“This investment marks the next chapter in our smart glasses journey. With AjnaLens, we’re doubling down on innovation to create distinctive and meaningful eyewear experiences for our customers,” said Lenskart cofounder Peyush Bansal in a statement.
Founded in 2010 by Peyush Bansal, Neha Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart has grown into an omnichannel retailer with over 2,500 stores across India, the UAE, Singapore, and Japan, serving more than 20 million customers.
The move comes as the company prepares to debut on public markets. Lenskart has already converted into a public entity, changed its name to “Lenskart Solutions Limited,” and roped in Kotak Mahindra Bank and Morgan Stanley to lead its IPO — which is expected to raise $750 million to $1 billion at a valuation around $6–10 billion.
Earlier this year, Fidelity Investments raised Lenskart’s book valuation to $6.1 billion, reflecting growing investor confidence.
On the financial side, Lenskart reported a sharp reduction in net loss to ₹10 crore in FY24 from ₹64 crore the previous year, while operating revenue surged 43% to ₹5,427.7 crore.
By tying up with AjnaLens, Lenskart is clearly signalling its intent to not just sell eyewear, but also shape the future of how consumers interact with it — blending fashion, function, and smart technology just as it readies for its IPO spotlight.