More Retail, one of the country’s largest supermarket and grocery chains, jointly owned by Amazon and Samara Capital Partners, has begun preparations for an IPO to raise approximately USD 300 million (~INR 2,650 crore).
The Mumbai-based retailer has appointed Avendus Capital and ICICI Securities as lead advisers to structure and steer the offering, which could value the company at around USD 2.5 billion, according to reports.
More Retail IPO: Company Overview
Founded in 2007 and acquired in 2019 by Witzig Advisory Services—a joint venture between Amazon and Samara Capital—More Retail has undergone a significant transformation. Once part of the Aditya Birla Group, the company has evolved into a modern, tech-enabled retailer, with a network of over 767 stores across 350 cities as of March 2025.
Rebranded under “More Consumer Brands”, the company has sharpened its focus on omnichannel retail, aiming to add 150 to 180 new outlets by 2026. Recent capital infusions of INR 400 crore from existing investors and family offices are intended to fund this expansion, digital integration, and debt reduction.
More Retail IPO Structure & Outlook
According to some reports, More Retail IPO will primarily comprise a fresh issue of shares, with minimal offer-for-sale participation from promoters. Both Samara Capital (51%) and Amazon (48%) are expected to retain their stakes post-listing, signalling long-term commitment.
The company intends to use the proceeds to repay around INR 500 crore of debt and fund growth initiatives. After posting an EBITDA loss of INR 65 crore in FY24, More Retail is targeting an EBITDA profit of INR 60 crore in FY26, with expectations of net profitability within two years.
The retailer reported gross sales of INR 5,000 crore in FY25 and is targeting INR 6,000 crore for FY26, representing an annual growth rate of 25–30%. Growth is expected to be driven by a combination of same-store sales (6–10%), new store additions, and hybrid channel expansion.
Omnichannel Strategy and Amazon Integration
At the heart of More Retail’s growth story is its hybrid retail model, which blends physical supermarket experiences with digital fulfillment via Amazon Fresh. Currently, 270 stores serve as online order fulfillment centers—a figure projected to rise to 500–600 stores by the end of FY26.
The company has also expanded its network of “dark stores”—outlets catering exclusively to online orders—from 40 to a planned 100 by FY26. In addition, 228 stores have been “omni-activated”, allowing them to serve both walk-in and online customers.
This model differentiates More Retail from India’s “quick commerce” players, who focus on 10-minute delivery at the expense of profitability. As Managing Director Vinod Nambiar emphasized, “Our model isn’t built around top-up convenience. Customers shop with us eight times a month, spending an average of INR 850 per visit—nearly double that of quick commerce players.”
Market Context: India’s IPO Boom
According to IPO Central, as of October 2025, 82 IPOs have been listed this year, delivering cumulative returns of 9.2%. The average current return across these IPOs stands at approximately 15.7%. Collectively, these offerings have raised INR 1,21,303 crore, and the total fundraising is expected to surpass the INR 1.5 lakh crore mark by the end of December.
For context, in 2024, 90 IPOs were launched, recording an impressive average listing gain of around 30%. These IPOs collectively raised INR 1,59,524.02 crore.
The consumer services sector, in particular, has seen explosive momentum: between 2018 and 2025, it hosted 41 IPOs that collectively raised over INR 90,944 crore, with a record INR 32,566.75 crore raised in 2024 alone.
More Retail IPO could emerge as a key benchmark for the retail and FMCG sectors, reflecting investor appetite for hybrid models that combine physical presence with digital scalability.
Operational Reshaping and Expansion Plans
More Retail has been shifting its business model in a big way to optimise its store footprint and get out of overcrowded places like Mumbai and Delhi. Instead, it’s placing its bets on Tier-2 and Tier-3 cities where organised retail penetration is still relatively low. New markets like Jharkhand and Odisha are on the horizon, while West Bengal is fast becoming a key stronghold, boasting an impressive 109 stores – with plans to add a further 90 by 2026.
All of this is in line with the way retail is shifting in India: rising disposable incomes and the rise in digital adoption are driving a surge in demand for organised grocery formats in cities away from the major metros.
Conclusion
As the countdown to the More Retail IPO begins, all eyes will be on the company’s growth metrics, debt reduction, and profitability milestones over the coming quarters. The company’s success could pave the way for a new wave of consumer-driven listings in India’s equity markets—anchored not just by valuation, but by strategic execution and operational resilience.
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