Amazon-backed More Retail, a key participant in India’s meals and staples market, plans to go public next yr and double its retailer rely in 5 as buyers hold turning to supermarkets and on-line shopping for for day by day groceries, a high govt instructed Reuters.
Mumbai-based More, identified for its neighbourhood supermarkets and contemporary grocery choices, operates one of many nation’s largest retail chains, with 775 shops as of its newest rely.
The firm reported product sales of practically ₹50 billion ($580.11 million) in fiscal 2025, an 11% rise from the earlier yr.
“Market cycles and volatility are part and parcel of the public markets … We are targeting an IPO next year subject to market conditions,” stated Vinod Nambiar, managing director at More, including that the corporate’s hybrid shops — serving each as bodily retailers and success centres for Amazon Fresh — have greater margins than standalone brick-and-mortar setups.
The itemizing plans come at a time when buyers have been pulling again from Indian equities amid rising fears of a world recession. But Nambiar is betting that the rising recognition of on-line grocery deliveries will gas progress.
Same-store gross sales for More rose 23% in fiscal 2025, and Nambiar expects that momentum to proceed.
The firm has expanded its partnership with Amazon Fresh , the e-commerce large’s grocery supply service, and plans so as to add greater than 500 shops throughout roughly 160 cities to the collaboration over the next 18 months, he stated.
More can be leaning into slotted deliveries—a model the place prospects choose a time window for receiving groceries—as its next progress driver. The technique contrasts with the increase in fast commerce, or 10-minute deliveries, that has reshaped procuring habits in city India.
The fast supply model accounted for greater than two-thirds of all e-grocery orders final yr, with its general market share rising roughly five-fold to $6 billion–$7 billion since 2022, based on a latest report.
Published – April 11, 2025 09:51 pm IST
