Lenskart invests in deeptech startup AjnaLens to build AI-powered smart glasses ahead of IPO

By The Tech Standard team On Jul 6, 2025

IPO-bound omnichannel eyewear leader Lenskart has made a strategic investment in Mumbai-based deeptech company AjnaLens to co-develop next-generation AI-powered smart glasses. The partnership aims to combine Lenskart’s design and retail expertise with AjnaLens’ extended reality (XR) technology to deliver a futuristic eyewear experience.

AjnaLens, founded in 2014 by Pankaj Raut, Abhijit Patil, and Abhishek Tomar, is known for building XR hardware and immersive software for defence and enterprise applications. The financial details of the deal were not disclosed, but the collaboration marks a significant leap in Lenskart’s wearable tech roadmap.

“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.

The move builds on Lenskart’s earlier smart eyewear launch — Phonic, its audio-enabled glasses introduced in December 2024. The latest initiative signals Lenskart’s ambitions to integrate technology more deeply into its product line, expanding beyond conventional eyewear.

Lenskart, which now operates over 2,500 stores across India, the UAE, Singapore, and Japan, serves over 20 million customers. As it prepares for a blockbuster IPO — expected to raise $750 million to $1 billion — the company has already converted into a public entity, renamed itself “Lenskart Solutions Limited,” and appointed Kotak Mahindra Bank and Morgan Stanley as lead bankers.

Fidelity Investments earlier pegged Lenskart’s valuation at $6.1 billion, aligning with reports that the IPO could value the firm between $6–10 billion.

On the financial front, Lenskart has significantly narrowed its net loss to ₹10 crore in FY24 from ₹64 crore in the previous year, while its operating revenue jumped 43% to ₹5,427.7 crore.

As it gears up for public listing, Lenskart’s investment in AjnaLens underscores its vision to blend fashion with function and lead innovation in smart eyewear — a category still in its nascent stages in India.