More Retail Plans IPO, Eyes Store Expansion amid E-Grocery Boom

More Retail has started planning an initial public offering for 2026 alongside strategic market growth while the company bets on hybrid stores to meet increasing demand for online grocery services.

More Retail plans to launch their initial public offering (IPO) during 2026 while planning to increase their retail locations by two times by 2029 as stated by Director Vinod Nambiar. The decision reflects More Retail's optimistic outlook on India's developing retail environment which combines rising supermarket and online grocery platform demands.

The Mumbai-based More Retail operates 775 retail outlets while delivering FY2025 gross sales worth ₹50 billion which showed an 11% annual growth. More Retail expanding its store model to provide service for direct walk-in customers and Amazon Fresh order fulfillment at its neighborhood supermarkets. Traditional retail shops generate lower profit margins but hybrid outlets managed to deliver higher rates of profitability to the company.

Nambiar expects online grocery popularity to create sustainable retail expansion despite public market uncertainties and cautious investor behavior. The rise of 23% in same-store sales during the last fiscal year prompted More to expand its Amazon Fresh collaboration through 500 new stores that will reach 160 cities within 18 months.

Next to its growth portfolio the company focuses on implementing slotted delivery services that allow clients to select specific delivery time slots. The percentage of quick commerce delivery has surged since it now handles more than 67% of e-grocery orders worth $6–$7 billion in India.