IPO of Amazon-Backed Supermarket Chain More Retail Pvt Likely Next Year; Plans to Add 500+ Stores Across India

Backed by e-commerce giant Amazon, More Retail Private Limited is preparing to launch its much-anticipated Initial Public Offering (IPO), which is likely to take place next year. Operating in the food and staples sector, the company is setting its sights on significant expansion. According to a senior company official, More Retail aims to substantially increase its store count over the next five years as it continues to strengthen its presence in India's growing retail market. Currently, the company operates around 775 stores across the country and maintains its position as one of the top supermarket operators in India.

Amazon-Backed More Retail Private Limited IPO

Vinod Nambiar, Managing Director (MD) of More Retail, said, "Market cycles and volatility are part and parcel of the public markets. We are targeting an IPO next year subject to market conditions." He emphasized that the timing of the IPO would depend largely on market stability and investor sentiment at the time of launch.

Highlighting the company's business model, he said that More Retail's hybrid stores, which function both as physical outlets and fulfilment centres for Amazon Fresh, offer larger profit margins compared to traditional standalone brick-and-mortar supermarkets.

MD Nambiar said, "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," Reuters reported.

About More Retail Private Limited

More Retail Private Limited, which was earlier known as More Retail Limited and before that as Aditya Birla Retail Limited, is a leading name in India's organised food and grocery retail sector. The company first entered the retail space in 2007 by acquiring Trinethra Super Retail and has expanded steadily ever since under the brand name "MORE." Over the years, it has become one of the most recognized supermarket chains in India.

MORE operates stores in two major formats-Supermarkets and Hypermarts. As of July 2022, the company managed a wide network comprising 877 Supermarkets and 40 Hypermarts. Its stores are spread across several key regions, including Karnataka, Telangana, Andhra Pradesh, Tamil Nadu, Kerala, the National Capital Region (NCR), Punjab, West Bengal, Odisha, and Maharashtra.

In addition to its offline footprint, MORE has strengthened its online presence by partnering with Amazon India. In several cities, it ranks among the top grocery vendors on the Amazon platform, fulfilling a significant number of orders for Amazon Fresh. This omni-channel model has allowed More Retail to diversify revenue streams and leverage digital platforms for greater profitability.

More Retail Private Ltd Financials

In fiscal year 2025, the Mumbai-based supermarket chain reported gross sales of around 50 billion rupees (approximately $580.11 million), marking an 11% growth compared to the previous year. Furthermore, in the same period, More Retail's same-store sales surged by 23%, indicating strong demand and operational efficiency. Vinod Nambiar expressed confidence that this growth momentum would continue in the coming years as the company broadened its store network and online partnerships.

Amid growing concerns about a potential global recession, many investors have been cautious, moving away from Indian stocks. Despite this backdrop, Nambiar remains optimistic. He believes that the increasing consumer shift towards online grocery shopping, combined with India's expanding digital infrastructure, will provide the necessary push for More Retail's growth ambitions and future profitability.