More Retail Plans IPO Next Year, Aims to Expand Store Network

Amazon-backed More Retail plans to launch its Initial Public Offering (IPO) next year, aiming to double its store count over the next five years. Currently operating 775 stores, the company utilizes a hybrid model that combines physical supermarkets with fulfillment centers for Amazon Fresh, yielding higher profit margins. Managing Director Vinod Nambiar emphasized that the IPO will depend on market conditions, amidst a backdrop of cautious investor sentiment due to potential global recession. For fiscal 2025, More Retail reported gross sales of approximately INR 5,000 crore ($580 million), an 11% increase from the previous year, with same-store sales rising by 23%. The company is also set to expand its partnership with Amazon Fresh, planning to add over 500 stores in 160 cities within the next 18 months. Additionally, More Retail is exploring slotted delivery options to cater to evolving consumer preferences in grocery shopping.