Amazon-backed More Retail is gearing up for a major move as it sets its sights on an initial public offering (IPO) in India next year. The retail chain, a significant player in India’s food and grocery sector, is banking on its hybrid model—which combines offline supermarkets and online retail—to fuel future growth. The company aims to leverage rising consumer dependence on both supermarkets and e-commerce for daily essentials.
Strong Financial Growth Signals Positive Momentum
More Retail reported gross sales nearing ₹50 billion ($580.11 million) for the fiscal year 2025, marking an 11% increase compared to the previous year. This growth underscores the resilience of the company’s business model, which has effectively capitalized on shifting consumer preferences toward convenience and accessibility.
A top executive at the company shared with Reuters that the robust financial performance has laid a strong foundation for their public listing plans. “We’re seeing consistent year-on-year growth, which is giving us the confidence to expand and look at the public markets,” the executive stated.
A Hybrid Retail Model That Works
One of More Retail’s key differentiators is its hybrid model. This includes a network of physical stores across various Indian cities, combined with a growing presence in the online grocery space. The dual approach allows the company to serve a wide demographic of customers, ranging from those who prefer traditional in-store shopping to tech-savvy buyers who enjoy the convenience of online platforms.
The company has already benefited from this balanced approach. Physical outlets allow for instant customer service and localized inventory, while the online segment brings in revenue from home deliveries and app-based orders. This omnichannel strategy not only helps in increasing customer retention but also provides flexibility in scaling operations based on demand trends.
Aggressive Expansion Plans
Looking ahead, More Retail is planning to double its store count over the next five years. With rising urbanization and increasing consumer preference for organized retail, the company believes there is vast untapped potential across Tier II and Tier III cities.
“India’s grocery market is still largely unorganized, especially in smaller towns. We see a huge opportunity to bridge that gap with our value-driven and tech-enabled offerings,” the executive explained. The expansion strategy will include both company-owned stores and franchise-based models, which will help More Retail maintain its pace of growth while controlling operational costs.
The Amazon Advantage
Amazon’s backing has proven to be a strategic asset for More Retail. The global e-commerce giant brings deep technological expertise and logistical capabilities to the table, which complements More Retail’s on-ground retail network. Together, the partnership enhances the company’s supply chain efficiency, inventory management, and overall customer experience.
Additionally, Amazon’s presence has helped the brand gain more credibility among urban Indian consumers who associate the tech giant with reliability and customer service excellence. More Retail’s integration with Amazon’s India platform also allows for a wider digital reach, particularly in metro cities where online grocery buying is growing rapidly.
Rising Demand for Supermarkets and Online Grocery
India’s grocery sector is undergoing a significant transformation. While traditional kirana (mom-and-pop) stores continue to dominate the market, there is a noticeable shift toward organized retail. This is driven by changing consumer lifestyles, higher disposable incomes, and increasing smartphone penetration.
Supermarkets are increasingly becoming the go-to option for many urban families, offering a cleaner, more reliable shopping experience along with competitive pricing. Simultaneously, the COVID-19 pandemic has accelerated the adoption of online grocery platforms, a trend that continues to grow.
More Retail is well-positioned to benefit from both these shifts. Its physical stores meet the needs of walk-in customers, while its digital interface appeals to those seeking speed and convenience. This dual capability is expected to be a key selling point during the company’s IPO roadshow.
IPO Details and Market Timing
While the company hasn’t officially disclosed the IPO size or valuation targets, industry insiders suggest that More Retail is aiming for a multi-billion-rupee listing. The proceeds are expected to be used for expansion, technology upgrades, and strengthening the supply chain.
The IPO is likely to hit the markets in 2026, subject to regulatory approvals and market conditions. The timing seems favorable, with investor appetite for consumer-driven businesses in India on the rise. Retail and FMCG companies have historically performed well on Indian bourses, and More Retail’s brand value and growth track record could make it an attractive proposition for both institutional and retail investors.
Future Outlook
As India’s retail landscape continues to evolve, companies that can effectively integrate offline and online channels will hold a competitive edge. More Retail’s ambitious growth plans, backed by Amazon and aligned with emerging consumer trends, make it a strong contender in the organized grocery space.
The upcoming IPO could not only provide the company with the capital needed for its next phase of expansion but also solidify its position as a leading force in India’s food and staples market. If successful, it could also set a precedent for other hybrid retailers looking to tap into public funding in the years ahead.