Supermarket chain More Retail is preparing to launch its initial public offering (IPO) next year as part of its broader strategy to aggressively expand its footprint across India. The retailer aims to double its store count over the next five years, capitalizing on the growing consumer shift toward organized retail and online grocery platforms.
Managing Director Vinod Nambiar said that the company currently operates 775 stores across the country and plans to add more than 500 new outlets across 160 cities within the next 18 months. The expansion will further strengthen More Retail’s hybrid model, which integrates physical stores with online grocery delivery services.
The Mumbai-headquartered company operates both supermarkets, which focus on daily essentials and groceries, and hypermarkets, which also stock electronics, apparel, and other non-food items. A key element of its growth strategy is leveraging its hybrid stores—which double as fulfillment centers for Amazon Fresh—a model that Nambiar says delivers better margins than standalone brick-and-mortar formats.
More Retail, once part of the Aditya Birla Group, was acquired in 2019 by a consortium led by Samara Capital and Amazon. The company also offers home delivery through its own app and is now experimenting with slotted deliveries, giving customers the flexibility to choose specific delivery time windows—a contrast to the ultra-fast delivery promises of quick commerce rivals.
The move to go public comes amid a booming grocery and quick commerce landscape in India. Competitors like Zepto, Swiggy’s Instamart, and Zomato-owned Blinkit have gained significant traction, with the quick commerce segment alone seeing a 280% surge in sales over the past two years, collectively surpassing $1 billion in revenue in FY24.
While Zepto is also planning an IPO later this year, Zomato and Swiggy are already listed, setting the stage for heightened competition in the fast-evolving grocery retail space.
