In a decisive move that underscores the evolving landscape of India’s consumer retail sector, Amazon-backed More Retail has confirmed plans to go public in 2026, targeting sustained growth through its hybrid business model. The company, which operates one of India’s largest supermarket chains, aims to capitalize on the confluence of offline presence and online grocery fulfillment—an approach that has been steadily redefining consumer preferences in the food and staples segment.
More Retail’s plans are ambitious. The Mumbai-based company currently has 775 stores and plans to double it in 5 years and become a big player in both the physical and digital grocery space. The company’s hybrid model, where physical stores act as neighbourhood supermarkets and fulfillment centres for Amazon Fresh, has reportedly given higher margins than traditional store formats.
According to Managing Director Vinod Nambiar, the company is eyeing an IPO contingent on market conditions, despite recent investor caution amid global recessionary concerns. “Market cycles and volatility are part and parcel of the public markets. We are targeting an IPO next year, subject to market conditions,” Nambiar.
The timing of the IPO is especially significant given the sector’s growth trajectory. Same-store sales at More climbed 23% in fiscal 2025, while gross sales touched INR 5,000 crore (~USD 580 million)—an 11% increase over the previous year. This robust performance has emboldened the company’s strategic pivot toward digital integration and precision logistics.
In collaboration with Amazon Fresh, More plans to roll out over 500 additional stores across 160 cities within the next 18 months, sharply expanding its omnichannel capabilities. The retailer is also doubling down on slotted deliveries, allowing customers to choose specific time windows for grocery deliveries—a stark contrast to the rising trend of 10-minute “quick commerce,” which, despite its popularity, is fraught with operational complexities and razor-thin margins.
While quick commerce accounted for two-thirds of all e-grocery orders in 2024 and saw the sector’s size balloon to USD 6–7 billion from 2022 levels, More Retail is strategically avoiding this high-burn model in favor of more sustainable, margin-friendly operations.
Sectoral Trends
More Retail’s IPO will be a significant addition to India’s consumer services sector, which has seen a remarkable uptick in capital market activity over the past several years.
Consumer Services IPO Snapshot (2018–2024):
- Total IPOs: 32
- Total Capital Raised: INR 69,124.52 crore
- Yearly Trend:
- 2019: 3 IPOs | INR 2,754.74 crore
- 2020: 1 IPO | INR 810 crore
- 2021: 9 IPOs | INR 25,009.27 crore
- 2022: 3 IPOs | INR 3,849.19 crore
- 2023: 4 IPOs | INR 3,895.88 crore
- 2024: 11 IPOs | INR 32,566.75 crore
The sector, historically underrepresented in the capital markets, has seen a steep surge in investor interest post-2021, especially with the pandemic reshaping consumer behavior towards digital-first services and modern retail formats. The 2024 IPO activity marked the highest ever for the sector, both in number of listings and capital raised, a trend that could continue with More Retail’s expected listing.
This upward momentum aligns with broader shifts in urbanization, rising disposable incomes, and the penetration of e-commerce logistics into Tier 2 and Tier 3 cities—factors that have collectively spurred modern retail formats and omnichannel strategies.
Final Take
More Retail’s IPO plans arrive at an inflection point for Indian retail. As investors evaluate sustainable models in a post-quick-commerce reality, the company’s pragmatic focus on slotted, scheduled grocery deliveries, its robust partnership with Amazon, and a proven hybrid strategy position it well for long-term value creation.
For market participants, this IPO will not just be a new listing but a barometer of investor confidence in modern, integrated retail formats. With strong fundamentals, rising same-store growth, and sectoral tailwinds, More Retail may very well script one of the most anticipated listings of 2026—and a defining moment in India’s consumer retail evolution.
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