LensKart, an omnichannel eyewear giant preparing for its IPO, has strategically invested in AjnaLens, a Mumbai-based deeptech startup, to create AI-powered smart glasses.

Lenskart stated that the acquisition would merge its skills in frame design and engineering with AjnaLens’ technological know-how to develop smart glasses.

The unicorn did not reveal the financial specifics of the arrangement, however.

Related: Lenskart Becomes a Public Entity in Preparation for IPO

AjnaLens, established in 2014 by Pankaj Raut, Abhijit Patil, and Abhishek Tomar, offers hardware and software solutions leveraging extended reality (XR) technology.  It utilizes XR to offer educational solutions and asserts that it serves the defense, enterprise, and various other sectors.

With the acquisition, Lenskart would be able to develop further in the eyewear segment.  The company introduced its audio eyewear, branded as ‘Phonic’, last year.

“We have been leveraging technology to create distinctive and meaningful eyewear experiences for our customers. With this investment, we are opening the next chapter of our smart glass journey, which started in December 2024 with the launch of Phonic, our audio glasses.  “Our collaboration with AjnaLens strategically positions us to speed up product innovation in the rapidly scaling smart glasses category,” stated Peyush Bansal, cofounder of Lenskart.

The development occurs as the eyewear unicorn is considering a public listing.  Lenskart recently transformed into a public entity in anticipation of its IPO.

In January, it was first reported that the eyewear unicorn had begun discussions with bankers regarding an IPO valued between $750 million and $1 billion.  Earlier this year, the company enlisted Kotak Mahindra Bank and Morgan Stanley to lead the IPO, aiming for a FY26 listing.

Lenskart’s board approved a special resolution in May to change the company’s name from “Lenskart Solutions Private Limited” to “Lenskart Solutions Limited”.  Lenskart stated in its filing that the name change would allow it to carry out its IPO on “one or more stock exchanges.”

Fidelity Investments, a major US-based financial services firm, increased the valuation of Lenskart on its books by 21% to $6.1 billion from a previous valuation of $5 billion last month.  Last year, the eyewear unicorn raised $200 million from Temasek and Fidelity Management & Research Company, with Fidelity joining its cap table as a result.

To date, Lenskart has secured a total of $1.75 billion in funding from various investors, including Temasek, Fidelity, ChrysCapital, and Avendus.

In FY24, Lenskart reduced its net loss to INR 10 Cr from INR 64 Cr in the previous fiscal year, achieving an 84% reduction.  During the reviewed fiscal year, operating revenue surged by 43%, reaching INR 5,427.7 Cr compared to INR 3,788 Cr in FY23.

Apart from Lenskart, numerous modern startups aim to launch their IPOs this year, such as Meesho, Urban Company, Shiprocket, PhysicsWallah, Pine Labs, and Curefoods.