April 11, 2025 – Mumbai: Amazon-backed More Retail, a prominent player in India’s food and staples market, is preparing for an initial public offering (IPO) next year, aiming to double its store count within five years. This expansion aligns with the increasing consumer shift towards supermarkets and online platforms for grocery shopping.
Currently operating 775 stores, More Retail reported gross sales of nearly ₹50 billion ($580.11 million) in fiscal 2025, marking an 11% increase from the previous year.
“Market cycles and volatility are part and parcel of the public markets… We are targeting an IPO next year subject to market conditions,” said Vinod Nambiar, Managing Director at More Retail.mint+1The Economic Times+1
The company’s hybrid model, combining physical outlets with fulfillment centers for Amazon Fresh, is noted for yielding higher margins compared to standalone brick-and-mortar setups.mint
Despite investor caution in Indian equities due to global recession concerns, Nambiar is optimistic that the growing popularity of online grocery deliveries will drive continued growth.
Same-store sales for More Retail rose 23% in fiscal 2025, and the company plans to add 500 stores in collaboration with Amazon Fresh, focusing on slotted deliveries to cater to consumer preferences.mint
Source: “Amazon-backed More Retail plans India IPO next year, betting on its hybrid model”, The Economic Times, April 11, 2025. Read the original article
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