More Retail IPO: Amazon-backed grocery retail chain plans to launch IPO next year

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Amazon-backed More Retail, one of India’s leading grocery retail chains, has announced plans to launch its Initial Public Offering (IPO) in 2026. This move aims to bolster its expansion strategy, which includes doubling its store count over the next five years and enhancing its hybrid retail model.​Deccan Herald+8Finblage+8IPO Central+8Deccan Herald+7Tech in Asia+7Market Insights+7

Key Highlights:

  • IPO Timeline: More Retail is targeting a public listing in 2026, contingent upon favorable market conditions. ​Market Insights

  • Current Operations: The company operates 775 stores across India, encompassing both supermarkets and hypermarkets. ​IPO Central+7Inc42 Media+7Market Insights+7

  • Expansion Plans: More Retail intends to add over 500 new stores in approximately 160 cities within the next 18 months, aiming to double its store count in five years. ​The Economic Times+6Franchise India+6Tech in Asia+6

  • Hybrid Model: The retailer utilizes a hybrid approach, combining physical outlets with online services. Its stores also function as fulfillment centers for Amazon Fresh, contributing to higher profit margins compared to traditional brick-and-mortar setups. ​IPO Central+3Tech in Asia+3Inc42 Media+3

  • Financial Performance: In fiscal year 2025, More Retail reported gross sales nearing ₹5,000 crore, marking an 11% increase from the previous year. ​IPO Central+6Finblage+6Market Insights+6

  • Strategic Focus: The company is emphasizing “slotted deliveries,” allowing customers to choose specific time windows for grocery deliveries, distinguishing itself from the quick commerce model prevalent among competitors. ​Reuters+4Franchise India+4mint+4

  • Amazon-backed grocery chain More Retail is gearing up to launch its Initial Public Offering (IPO) in 2026, aiming to strengthen its position in India’s competitive retail market. Currently operating over 775 stores nationwide, the company plans to double its store count in the next five years and expand into 160 new cities within 18 months. With a hybrid business model that integrates physical outlets and online services—many of which also serve as Amazon Fresh fulfillment centers—More Retail has seen strong growth, reporting gross sales of nearly ₹5,000 crore in FY25. The company’s focus on scheduled grocery deliveries, rather than quick commerce, is part of its strategy to maintain higher margins and enhance customer convenience.

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