More Retail, a prominent player in India’s grocery sector and backed by Amazon, is gearing up for an initial public offering (IPO) next year. The Mumbai-based firm, recognized for its extensive network of neighborhood supermarkets and fresh produce, aims to significantly increase its store presence as consumer preferences shift toward supermarkets and online grocery shopping.
Growth Plans Amid Market Challenges
With 775 stores currently in operation, More Retail has established itself as one of India’s largest retail chains. In fiscal year 2025, the company reported an impressive gross sales figure of nearly ₹50 billion (approximately $580 million), marking an 11% increase compared to the previous year. Despite facing challenges in the broader equity market, Vinod Nambiar, the managing director of More Retail, remains optimistic.
"Market cycles and volatility are inherent to public markets. We are aiming for an IPO next year, subject to prevailing market conditions," Nambiar stated. He noted that their hybrid store model, which serves both as physical retail spaces and fulfillment centers for Amazon Fresh, yields better margins than traditional brick-and-mortar stores.
Strategic Expansion and Innovations
In light of changing consumer behaviors, More Retail plans to enhance its partnership with Amazon Fresh. The company intends to open over 500 additional stores across approximately 160 cities within the next 18 months.
- Key business strategies include:
- Slotted deliveries: Customers can choose specific time slots for grocery deliveries.
- Focus on online grocery shopping: As the trend shifts towards e-commerce, More is positioning itself to capture this growth.
Interestingly, while the quick commerce model—offering deliveries within 10 minutes—has gained significant traction, accounting for more than two-thirds of all e-grocery transactions last year, More Retail is concentrating on a more structured delivery approach.
Market Trends and Future Outlook
The e-grocery market has expanded dramatically, with its overall share increasing fivefold since 2022, reaching a value of $6 billion to $7 billion. Nambiar is confident that the growing trend of online grocery shopping will provide a substantial boost to More Retail’s growth trajectory.
With a commitment to innovating its service offerings and expanding its footprint, More Retail is poised to play a major role in shaping the future of grocery retail in India. As the company prepares for its IPO, all eyes will be on how it navigates the challenges of the public market while capitalizing on the evolving shopping habits of consumers.
