More Retail Plans IPO Next Year As Gross Sales Rise 11% to ₹5,000 Crore

More Retail, a prominent name in India’s food and staples market, is preparing to launch its initial public offering (IPO) next year. Backed by Amazon, the company is charting an aggressive growth strategy with plans to double its store network over the next five years. 

The move comes as consumer preferences continue shifting toward organized retail and digital grocery platforms. With supermarkets becoming more integrated with online shopping, More Retail is counting on its hybrid store model to drive long-term success. Source: Moneycontrol

A Growing Presence in Indian Retail

Headquartered in Mumbai, More Retail operates one of the country’s largest grocery and supermarket chains. The brand has become synonymous with neighborhood convenience stores and fresh produce offerings. As of the latest count, the company runs 775 stores across India. This widespread network places it among the top players in India’s evolving food retail space.

Key Financial Highlights

In FY25, More Retail recorded gross sales of nearly ₹5,000 crore (approximately $580 million), reflecting an 11% rise from the previous year—underscoring the growing consumer shift toward organized food retail, especially models integrating physical stores and digital platforms. 

In comparison, the company reported standalone revenues of ₹4,148.69 crore in FY24. While revenues showed an upward trend, the retailer continued to operate at a loss, posting a deficit of ₹532.62 crore—slightly lower than the ₹550 crore loss reported the year before, as per data from business intelligence platform Tofler. Source: Moneycontrol/ Mint

 

IPO Plans in the Pipeline

More Retail is eyeing an IPO in 2026, subject to favorable market conditions. The company management is aware of the market fluctuations, especially amid concerns about the current global recession. However, insiders remain confident that the company’s fundamentals and future potential will gain strong investor interest. Source: Moneycontrol

The Amazon Connection Fueling Hybrid Growth

A significant factor in More Retail’s recent success is its partnership with Amazon. Through Amazon Fresh, the e-commerce giant’s grocery delivery arm, More Retail’s physical stores also function as fulfillment centers. This hybrid model—combining traditional retail with e-commerce logistics—has led to higher margins than standalone brick-and-mortar outlets.

The integration with Amazon has enhanced operational efficiency and allowed the brand to serve a broader base of online consumers. As e-grocery demand surges, More’s dual-role stores are positioned to take advantage of both foot traffic and online orders, offering customers greater flexibility and reliability.

Store Expansion

More Retail plans to double its total store count within the next five years. As part of this ambitious expansion, the company will add more than 500 new outlets across approximately 160 Indian cities. Most of these stores will be aligned with the Amazon Fresh network, further deepening their strategic partnership.

This expansion drive is not just about increasing the retail footprint—it also aims to enhance last-mile delivery capabilities for online grocery shoppers. By using physical stores as fulfillment hubs, More Retail can shorten delivery times while reducing logistics costs. Source: Moneycontrol

Same-store sales Momentum Builds Confidence

In addition to opening new stores, More Retail has witnessed robust performance at existing locations. Same-store sales, a key metric in the retail industry, surged 23% in the fiscal year 2025. This surge reflects increased consumer engagement and spending, possibly driven by post-pandemic recovery, rising disposable incomes, and growing comfort with organized retail channels.

The management expects this growth trajectory to continue, fueled by in-store purchases and the rising adoption of digital grocery platforms.

Slotted Deliveries: A Strategic Differentiator

More Retail also focuses on slotted deliveries—customers pick a preferred time window for receiving groceries. This approach offers convenience and predictability, especially for working professionals and households managing daily schedules.

While quick commerce models (offering 10-minute deliveries) have dominated headlines and urban customer demand, More Retail opts for a more sustainable and cost-efficient route. The company sees slotted deliveries as a better fit for its hybrid format, especially in tier-2 and tier-3 cities where immediate delivery may not be feasible or necessary.

Quick Commerce Boom Reshaping the Landscape

India’s quick commerce segment has experienced explosive growth over the past two years. According to recent industry estimates, the market share of this segment has surged nearly fivefold since 2022, now valued between $6 billion and $7 billion. Quick commerce accounted for over two-thirds of all e-grocery orders last year, highlighting a fundamental shift in how Indian consumers buy their daily essentials.

Despite this, More Retail is not rushing to replicate the 10-minute delivery model. Instead, it focuses on reliability, variety, and delivery slot customization—features that appeal to a broader demographic nationwide. Source: Moneycontrol

Evolving Consumer Behavior Driving Transformation

The success of More Retail’s hybrid model underscores broader trends in consumer behavior. Indian shoppers increasingly seek convenience, competitive pricing, and a blend of offline and online experiences. The pandemic accelerated the shift toward digital grocery shopping, but many still value the trust and familiarity of physical stores.

By merging both formats, More Retail caters to this blended demand profile, offering a one-stop solution that aligns with modern expectations.

Riding on India’s Grocery Boom

More Retail’s efforts align strategically with Amazon’s focus on high-margin hybrid models. With a target to double its store count, enhance slotted delivery systems, and maintain strong same-store sales growth, the company is positioning itself as a relevant player in India’s $600 billion food and grocery market.

While macroeconomic uncertainties persist, the long-term fundamentals of India’s organized retail sector remain solid. Rising urbanization, increasing internet penetration, and evolving consumer needs are expected to fuel further growth in the grocery and staples category.

As More Retail heads toward its IPO, investors and industry watchers will keenly observe its ability to scale sustainably while maintaining profitability.

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