Amazon-backed More Retail plans India IPO next year, betting on its hybrid model

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Amazon-backed More Retail, a key player in India’s food and staples market, plans to go public next year and double its store count in five as shoppers keep turning to supermarkets and online buying for daily groceries, a top executive told Reuters.

Mumbai-based More, known for its neighbourhood supermarkets and fresh grocery offerings, operates one of the country’s largest retail chains, with 775 stores as of its latest count.

The company reported gross sales of nearly ₹50 billion ($580.11 million) in fiscal 2025, an 11% rise from the previous year.

“Market cycles and volatility are part and parcel of the public markets … We are targeting an IPO next year subject to market conditions,” said Vinod Nambiar, managing director at More, adding that the company’s hybrid stores — serving both as physical outlets and fulfillment centres for Amazon Fresh — have higher margins than standalone brick-and-mortar setups.

The listing plans come at a time when investors have been pulling back from Indian equities amid growing fears of a global recession. But Nambiar is betting that the rising popularity of online grocery deliveries will fuel growth.

Same-store sales for More rose 23% in fiscal 2025, and Nambiar expects that momentum to continue.

The company has expanded its partnership with Amazon Fresh , the e-commerce giant’s grocery delivery service, and plans to add more than 500 stores across roughly 160 cities to the collaboration over the next 18 months, he said.

More is also leaning into slotted deliveries—a model where customers select a time window for receiving groceries—as its next growth driver. The strategy contrasts with the boom in quick commerce, or 10-minute deliveries, that has reshaped shopping habits in urban India.

The quick delivery model accounted for more than two-thirds of all e-grocery orders last year, with its overall market share growing roughly five-fold to $6 billion–$7 billion since 2022, according to a recent report.