Amazon-Backed More Retail Plans IPO Next Year

Supermarket retailer More Retail is planning to launch its initial public offering (IPO) next year as it looks to expand its network of supermarket stores in India.

More Retail’s managing director Vinod Nambiar told Reuters that the company is planning to double its store count in five years as more shoppers in India now choose supermarkets and online platforms for groceries.

Currently, the Mumbai-based company has a total of 775 stores across India.

More Retail operates under a hybrid model, combining both online and offline formats. While its supermarkets focus on a wide selection of groceries and daily essentials, hypermarkets include non-food items like electronics and clothing.

Nambiar further said that the company’s hybrid stores, which serve both as physical outlets and fulfillment centres for Amazon Fresh, have higher margins than standalone brick-and-mortar setups.

In line with this strategy, the company is fostering its partnerships with Amazon’s grocery delivery service, Amazon Fresh, and plans to add more than 500 stores across roughly 160 cities over the next 18 months.

Reportedly, the company’s gross sales for the fiscal year 2025 were nearly INR 5,000 Cr ($580.11 Mn), an 11% rise from the previous year’s sales. 

More Retail, initially part of the Aditya Birla Group, was later sold to investors led by Samara Capital and Amazon in 2019. 

For FY24, its standalone operating revenue declined 8% to INR 4,148.6 Cr from INR 4,506.6 Cr in FY23. Its net loss also narrowed to INR 532 Cr in FY24, only a marginal improvement from INR 550 Cr in the previous fiscal year.

More Retail also offers delivery services through its app and is now exploring slotted deliveries to further drive its growth. This model, which allows customers to choose specific time slots for receiving their orders, contrasts with the quick commerce approach that has rapidly reshaped urban shopping habits.

Quick commerce players like Zepto, Swiggy’s Instamart, and Zomato’s Blinkit have seen remarkable growth, collectively reporting over $1 Bn in revenue in FY24. Industry reports suggest that India’s quick commerce sector has experienced a 280% surge in sales over the past two years. 

While Zepto is gearing up for IPO this year, Zomato and Swiggy are already listed entities.