More Retail, a Mumbai-based grocery retail chain backed by Amazon, plans to launch its initial public offering (IPO) in 2026. The company, which operates 775 stores across India, reported an 11% rise in sales for fiscal 2025, reaching nearly $580.11 million. More Retail aims to strengthen its collaboration with Amazon Fresh and expand by opening 500 new stores in 160 cities over the next 18 months.
More Retail, a prominent Indian grocery retail chain backed by Amazon, is preparing to go public in 2026 with an Initial Public Offering (IPO), marking a major milestone in its expansion strategy. Headquartered in Mumbai, Maharashtra, the company is one of India’s largest food and staples retail chains with a growing footprint in both offline and online grocery segments.
More Retail currently operates 775 stores across the country and is known for its neighborhood supermarkets and fresh grocery offerings. The company saw gross sales climb to ₹50 billion (approximately USD 580.11 million) in fiscal year 2025—an 11% increase compared to the previous year.
IPO Plans and Financial Strategy
According to Vinod Nambiar, Managing Director of More Retail, the company is targeting a public listing next year, contingent on market conditions. The move is seen as a strategic effort to raise capital while continuing to ride the wave of increasing demand for online grocery services in India.
Market cycles and volatility are part and parcel of the public markets, We are targeting an IPO next year subject to market conditions.”
Vinod Nambiar, Managing Director of More Retail
More Retail’s hybrid store model—serving both as retail outlets and fulfillment hubs for Amazon Fresh—has shown stronger margins compared to traditional retail-only formats.
Growth Driven by Amazon Fresh Partnership
The company plans to deepen its alliance with Amazon Fresh, Amazon’s grocery delivery service, by adding over 500 new stores across nearly 160 cities in the next 18 months. These stores will also support slotted delivery services, where customers choose specific time windows for receiving orders.
Nambiar emphasized that slotted deliveries provide better cost-efficiency and customer satisfaction, compared to the ultra-fast delivery model that has become common in urban India.
Market Outlook and Retail Trends
More Retail’s same-store sales grew 23% in fiscal 2025, a sign of the brand’s resilience and customer loyalty. While Indian equities have seen some pullback due to global recession fears, the grocery retail segment continues to see solid growth, driven by both in-store traffic and online ordering.
The quick-commerce model, which includes deliveries within 10 to 15 minutes, has surged in popularity and now commands a market share of over USD 6 billion to 7 billion. However, More Retail is focusing on operational sustainability and long-term growth over rapid but costly delivery models.
The IPO, once launched, will position More Retail as a significant player not just in physical grocery retail, but also as a leading force in India’s evolving digital shopping ecosystem.
