&w=3840&q=100)
Visioning expansion: IPO-bound Lenskart sets sights on AI glasses
Ajna's tech is likely to power the next generation of smart eyewear for Lenskart, which already offers 'Phonic Smart Glasses' — Bluetooth-enabled glasses that allow users to take calls, play music and interact with voice assistants. But this new move takes the company deeper into wearables with AI and spatial computing at the core.
Founded in 2014 and based in Thane, Ajna Lens won a CES Innovation Award in 2023 for its mixed reality headset, AjnaXR.
Globally, smart glasses shipments have more than trebled since 2022, crossing 2 million units in 2024, industry estimates show. In India, the AR and VR eyewear market touched $608 million in 2024, and is projected to hit $1.67 billion by 2033, thanks to demand in gaming, health care, and education, according to IMARC Group, which is involved in market research.
But the race is intensifying: The global smart glasses market, which is currently valued at over $6 billion, is expected to reach $15.08 billion by 2032, growing at a compound annual growth rate (CAGR) of 10.3 per cent.
Meta dominates the space with its Ray-Ban Meta line, holding over 60 per cent of the global market in 2024, according to Counterpoint Research. Apple and Google are also in the fray. Furthermore, Xiaomi, Samsung, Baidu, ByteDance are expected to roll out products over 2025–26.
Against this backdrop, Lenskart is looking to stand out by bringing together Ajna's XR stack with its own expertise in optical engineering to create 'glasses-first' wearables, prioritising vision correction and comfort alongside digital features. The Ajna investment is part of Lenskart's broader playbook to gain tech advantage and scale. It previously acquired Japanese eyewear brand Owndays in 2022 through a $400 million deal. In 2023, Neso Brands, a Lenskart subsidiary, bought a stake in Paris-based Le Petit Lunetier for $4 million. The unicorn also took over Tango Eye, an AI-vision startup, for an unknown amount.
Now, the focus is on the company's IPO. US financial services major Fidelity recently increased its estimated valuation of Lenskart to $6.1 billion, according to its latest monthly portfolio disclosure, up from $5.6 billion in November last year. Lenskart recently converted into a public limited company amid its preparation for the IPO.
Lenskart's operating revenue jumped 43 per cent to ₹5,428 crore in FY24 from ₹3,788 crore the previous year, while losses shrank sharply, down 84 per cent to ₹10 crore from ₹63 crore.
The company runs over 2,500 stores, including 2,000 in India. It's scaling internationally too, with footprints in Southeast Asia and West Asia, powered by a 'click-and-mortar' strategy combining online, app-based, and offline experiences.
The company is also setting up its largest manufacturing facility yet in Telangana, investing ₹1,500 crore under a pact with the state government to establish the unit at Fab City.
Lenskart competes with players such as Titan Eyeplus, Specsmakers, Vision Express, Warby Parker, and Italian eyewear conglomerate Luxottica Group.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
34 minutes ago
- Time of India
Planned space farewell ends in deep-sea tragedy as capsule carrying ashes of 166 crashes into Pacific Ocean
What was meant to be a peaceful final journey into space turned into a tragic ending, as a capsule carrying the ashes of 166 people crashed into the Pacific Ocean. The mission, launched by a German startup on June 23, was supposed to offer a unique farewell, sending human remains into orbit. The space capsule, named Nyx, was part of a project called Mission Possible , launched by The Exploration Company (TEC). Along with human ashes, it also carried cannabis seeds as part of a broader experiment. It successfully completed two orbits around the Earth, but things took an unexpected turn when the capsule re-entered the atmosphere and lost communication with the team. Soon after the blackout, it plunged into the Pacific Ocean, taking with it the remains of those who had hoped to rest among the stars. A 'partial success', says company In a post on LinkedIn, TEC described the outcome as a "partial success (partial failure)". They confirmed the capsule launched properly, operated normally in orbit, and even managed to re-establish communication after the blackout during re-entry. But in the final moments, the signal was lost again, just before splashdown. The company is now investigating what went wrong and has promised to share more details soon. They also issued a heartfelt apology: "We apologise to all our clients who entrusted us with their payloads... This partial success reflects both ambition and the inherent risks of innovation." Live Events No recovery possible Celestis, a Texas-based space burial company that partnered in the mission, also issued a statement. They confirmed that the capsule and ashes cannot be recovered, as they are now resting at the bottom of the ocean. Celestis CEO Charles M Chafer acknowledged the emotional weight of the moment, saying: "No technical achievement replaces the profound personal meaning this service holds for our families." Despite the setback, TEC says it is determined to try again. With the lessons learned from this incident, the team is already working towards another launch. Inputs from agencies Economic Times WhatsApp channel )
Time of India
an hour ago
- Time of India
Travel Food Services IPO set to open on Monday; Check GMP, price band, other key details
Mumbai-based Travel Food Services is set to launch its initial public offering (IPO) on Monday, July 7, with the issue closing on Wednesday, July 9, 2025 The IPO is entirely an offer for sale (OFS) by promoter Kapur Family Trust , with no fresh equity issuance. All proceeds from the Rs 2,000 crore issue will go to the selling shareholder. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Anchor Investors and GMP Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Ahead of the public issue, the company raised Rs 599 crore from anchor investors by allocating 54,43,635 equity shares at Rs 1,100 apiece on Friday, July 4. Notable anchor investors include ICICI Prudential Mutual Fund, Abu Dhabi Investment Authority, Axis Mutual Fund, Kotak Mutual Fund, HDFC Life Insurance , Fidelity, SBI General Insurance, and Tata AIA Life Insurance, among others. Live Events The grey market premium (GMP) for the IPO stands at Rs 49–50, suggesting a potential listing gain of around 4% over the upper price band. Also Read: Street favourite! 10 BSE large-cap stocks analysts expect to rally up to 70% About Travel Food Services IPO The company has set the price band for the IPO at Rs 1,045 to Rs 1,100 per share. The issue is a 100% offer for sale (OFS), with no fresh equity being issued. Investors can place bids for a minimum of 13 equity shares and in multiples of 13 thereafter. As per the offer structure, 50% of the issue is reserved for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for Non-Institutional Investors (NIIs). Also Read: TCS, HCLTech among 10 stocks that have paid dividends over 40 times since 2011 About the company Promoted by UK-based SSP Group plc and the Kapur Family Trust, Travel Food Services operates India's largest airport food and lounge network, with 413 outlets, of which 384 are located at airports across 14 Indian cities. It also runs 37 airport lounges, including 28 private ones, making it the largest lounge operator in India. The company also operates internationally at three airports—two in Malaysia and one in Hong Kong. Also Read: 10 Nifty smallcap stocks analysts expect to rally up to 72% Travel Food Services financials In FY25, Travel Food Services reported a 27.4% year-on-year rise in profit to Rs 379.7 crore, while revenue grew 20.9% to Rs 1,687.7 crore.
Mint
an hour ago
- Mint
China's ‘Leader for life' Xi Jinping to retire after third term in 2027? Reports say…
Fuelling the speculations that he may be preparing for a possible retirement, Chinese President Xi Jinping is now beginning to delegate authority to key organs of the ruling Community Party. His move has fuelled speculations that he may be laying out the groundwork for an orderly power transition or scaling back his role in preparation for retirement, a first in his over 12-year rule, according a PTI report. Speculations arose after state-run Xinhua news agency recently reported that the powerful 24-member Political Bureau of the ruling Communist Party of China (CPC) in its meeting on June 30 reviewed a set of new regulations on the work of party's institutions, the report said. The meeting presided over by Jinping himself stressed that the regulations will further standardise the establishment, responsibilities, and operations of the CPC Central Committee's decision-making, deliberative, and coordinating institutions. Such institutions should exercise more effective leadership and coordination over major tasks and focus on planning, discussing, and overseeing major tasks, the Xinhua report said. While the overseas Chinese dissident community in recent months was abuzz with speculation of a power struggle within the secretive and tightly controlled CPC, a China-based political analyst who spoke on condition of anonymity said the regulations on these party bodies could hint at preparations for Jinping's retirement. 'The rules may be set up to regulate the bodies because it's a key time for power transition,' the Hong Kong-based South China Morning Post on Sunday quoted the analyst as saying. Other experts, however, averred that Jinping, regarded as the most powerful leader after CPC founder Mao Zedong, and as a leader for life, may be delegating some powers to focus on larger issues. 'It does seem that Xi might pay less attention to day-to-day details, which necessitates a policing mechanism to ensure that his policy priorities are still being carried out by lower-level officials,' Victor Shih, a specialist in Chinese elite politics and finance at the University of California San Diego, told the Post. Xi also skipped the BRICS summit being held in Rio de Janeiro from Sunday. This is the first time since he became president that he will be missing the summit of the emerging economies. Chinese Premier Li Qiang is heading China's delegation at the summit. All of Xi's predecessors retired after two five-year terms, while he continued in power with no term limits, earning him the label of president for life. Analysts say his plan to remain in power or share power was expected to unravel before or during the next five-year congress of the CPC to be held in 2027, by which time his third term will end, the PTI report said.
