Lenskart, a major player in the eyewear market, has made a significant move into the wearable technology sector. The company has invested in the Mumbai-based deep-tech startup, Agya Lens. This partnership comes as Lenskart prepares for its initial public offering (IPO) in the stock market. The company is now focusing on modern products like smart glasses, alongside traditional eyeglasses.
Lenskart to Access Artificial Intelligence and XR Technology
This deal will grant Lenskart access to Agya Lens's advanced technology. Agya Lens specializes in Extended Reality (XR) technology and Artificial Intelligence. The company won a CES Innovation Award in 2023 for its mixed reality headset, 'Agya XR.' Furthermore, Agya is recognized as one of the most advanced wearable tech product developers in the country.
Smart Glasses Market is Rapidly Growing
The global smart glasses market is currently valued at around $6 billion and is projected to exceed $15 billion in the coming years. According to reports, this market is growing at an annual rate of 10.3 percent. Tech giants like Meta, Apple, and Google are already present in this space. Now, Lenskart has also entered the race.
Lenskart's Journey Began with Audio Glasses
Peyush Bansal, Co-founder and CEO of Lenskart, stated that the investment in Agya Lens is the next step in Lenskart's journey towards smart glasses. He mentioned that the company launched audio glasses, 'Phonetic', in December 2024, and is now working towards the development of more advanced smart glasses.
Agya Lens's Technical Expertise to Benefit Lenskart
Founded in 2014, Agya Lens is a deep-tech startup that works in immersive technologies. The company creates advanced wearable devices using AI vision, XR stack, and spatial computing. Lenskart hopes that by combining its strengths in frame design and optical engineering with Agya's technology, it can create smart glasses that are user-friendly and useful for the general public.
Over 2,500 Stores Across the Country and Abroad
Lenskart has over 2,500 stores worldwide, with approximately 2,000 located in India. The company directly competes with Titan Eyeplus, Specsmakers, Vision Express, and the international brand Warby Parker.
Investments in Technology Companies
Previously, Lenskart has expanded its business by investing in technology companies. The company acquired the computer vision startup, Tango Eye. In 2022, the Japanese brand Owndays was also included in the Lenskart group, with a deal estimated at around $400 million. In 2023, Lenskart's subsidiary, Neso Brands, invested $4 million in the French brand Le Petit Lunetier.
Rapid Expansion Before IPO
Lenskart is currently preparing for its IPO. The company plans to raise around $1 billion. Recently, Fidelity valued Lenskart at $6.1 billion, up from $5.6 billion previously. The company is moving towards listing at a valuation of $10 billion.
The Company Changed to Public Limited
As part of the IPO preparation, Lenskart's parent company has been converted from private limited to public limited. The company has shown impressive performance in fiscal year 2024. Its total revenue increased by 43 percent, reaching ₹5,427.7 crore.
Success in Reducing Losses
Lenskart has also significantly reduced its losses through cost management. While the company's loss was ₹63 crore in fiscal year 2023, it decreased to just ₹10 crore in 2024.
Smart Glass Demand Tripled
The demand for smart glasses has increased significantly in the past two years. Between 2022 and 2024, their global supply tripled, exceeding 200 million units.
Lenskart Now Targeting Tech-Savvy Customers
Lenskart is now focusing on customers who are looking for more than just eyeglasses; they want tech-integrated products that can make their daily lives smarter. The new range of smart glasses could be a new beginning for the company in this direction.
