Amazon-backed supermarket chain More Retail eyeing ₹2,000cr IPO in 2026
What's the story
More Retail, the Amazon and Samara Capital-backed supermarket chain, plans to raise around ₹2,000 crore through an IPO in 2026.
More Retail's Managing Director Vinod Nambiar said the IPO funds will mainly be used to expand their store count to 3,000 by 2030 and pay off the company's debt.
Currently at around ₹500 crore due to loans and non-convertible debentures (NCDs), this will make the company almost debt-free.
Funding details
IPO to be primarily funded by fresh capital infusion
The upcoming IPO is likely to be largely funded through fresh capital infusion, with no major offer-for-sale component.
This is because the promoters, Samara Capital and Amazon who own a combined 99% stake in More Retail, are unlikely to offload their shares during the IPO process.
The remaining stake in the company is owned by family offices.
Financial outlook
Recent financial performance and future projections
In terms of financial performance, More Retail targets EBITDA-positive status with a ₹60 crore profit in FY26.
This comes after an EBITDA loss of ₹65 crore in FY24 as per Ind AS accounting standards.
Nambiar also disclosed that the company raised ₹150 crore from family offices in the last 120 days for valuation benchmarking purposes.
Growth strategy
More Retail's expansion plans and partnerships
More Retail will deepen its partnership with Amazon Fresh, with 270 of its stores already serving the e-commerce giant.
This will increase to 370 by July and 500-600 stores by the end of the current fiscal year.
Its offline and hybrid store count will cross 1,100 by FY26, while 'dark' outlets serving only online orders will also increase from existing 40 stores to 100 by then.