Amazon-Backed More Retail Plans IPO in 2026, Leverages Hybrid Model for Growth

Amazon-backed More Retail is gearing up for an ambitious move — a public listing expected next year. The retail giant, which has firmly established itself in India’s food and staples market, is planning to double its store count over the next five years. This bold expansion comes even as market volatility and global recession concerns loom large.

The company recently reported gross sales of nearly ₹5,000 crore in fiscal 2025, marking an 11% increase from the previous year. This growth reflects rising consumer preference for both neighborhood supermarkets and online grocery platforms, a trend More Retail has smartly tapped into through its hybrid store model.

These hybrid outlets serve a dual purpose — functioning as physical stores while also acting as fulfillment centers for Amazon Fresh. This strategy not only boosts convenience for consumers but also enhances profitability, thanks to the improved margins such hybrid setups generate compared to traditional brick-and-mortar stores.

“Market cycles and volatility are part and parcel of the public markets,” said Vinod Nambiar, Managing Director at More Retail. He emphasized that the IPO timeline will be influenced by market conditions but remained confident in the company’s direction.

While investor sentiment has recently taken a cautious turn, particularly in the Indian equity space, the company remains optimistic. The growing shift towards online grocery shopping and convenience-driven retail experiences continues to offer a strong foundation for future growth.

More Retail’s IPO move will be closely watched as it marks a significant step in the evolution of India’s retail sector, where companies are increasingly leaning on tech-backed models to meet changing consumer expectations.

With 775 stores already in operation, More Retail is one of the largest supermarket chains in the country. Its consistent growth and strategic alignment with Amazon’s logistics and online delivery expertise give it a competitive edge in the dynamic Indian retail landscape.