IPO-bound eyewear retailer Lenskart has invested in Ajna Lens, a Mumbai-based AI startup, as it aims to get into the wearables market by developing smart glasses.
The announcement comes at a time when the Peyush Bansal-led unicorn is also in talks to acquire location AI startup GeoIQ.
The investment in Ajna Lens will give Lenskart access to the startup’s artificial intelligence-powered extended reality (XR) technology, which helps them develop some of the most advanced wearable tech products.
The company did not, however, disclose the amount of money it has put into Ajna Lens.
“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 CEO of Lenskart.
“As the Smart Glasses category scales rapidly, our partnership with Ajna Lens strategically positions us to accelerate product innovation in this space.”
According to industry estimates, the global smart glasses market is currently valued at over $6 billion and is expected to reach $15.08 billion by 2032, growing at a CAGR of 10.3%.
The shipments of smart glasses have more than tripled between 2022 to 2024, crossing 2 million units in 2024, according to Counterpoint Research.
Currently, the market is dominated by Meta with its Ray-Ban Meta product line. However, it is likely to soon see the entry of Apple, Samsung and Google.
Lenskart has been making investments in AI-based startups to expand its scope. In October 2023, it acquired Tango Eye, an artificial intelligence-based computer vision startup.
In 2022, it bought a majority stake in Japanese brand Owndays. Later, Neso Brands, a subsidiary of Lenskart, acquired a stake in the Paris-based eyewear brand Le Petit Lunetier.
Lenskart’s aggressive expansion plans comes at a time when it is preparing for its public market debut. According to industry sources, it may raise around $1 billion at a targeted valuation of $10 billion.
It is likely to file the draft red herring prospectus next month, with a plan to list before the end of 2025.