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More Retail, a well-known supermarket chain supported by Amazon and Samara Capital, is preparing to launch a ₹2,000 crore initial public offering (IPO) between April and December 2026. This move aims to raise fresh funds for business growth and debt reduction. The company’s decision to issue new equity shares—instead of selling existing ones—shows that the current investors have strong confidence in the company’s future.
Shareholding and Confidence in Growth
Right now, Samara Capital owns 51% of More Retail, and Amazon holds 48%. According to Vinod Nambiar, the Managing Director of More Retail, the IPO will not include any major share sale by existing investors. He added that both Samara and Amazon are not planning to exit and fully support the company’s future growth.
The IPO will lead to a small dilution in ownership—only about 10%. This means the company will raise new money while still keeping major control with current investors.
Use of IPO Funds: Expansion and Reducing Debt
More Retail plans to use the money raised from the IPO to expand its store network and reduce its current debt, which stands at around ₹500 crore. The company wants to cut this debt by half before the IPO and aims to become nearly debt-free after the listing.
Store Expansion: From 775 to 3,000 Outlets
Currently, More Retail has 775 stores. The company wants to grow this number to 1,000 by FY26 (Financial Year 2026), and further expand to 3,000 stores by 2030. While it has already built a strong presence in South India, West Bengal, Punjab, Haryana, and the National Capital Region (NCR), it is now expanding into Jharkhand and Odisha.
To focus on better opportunities, More Retail has exited high-cost, competitive cities like Delhi and Mumbai, and is instead focusing on Tier 2 and Tier 3 cities, where there is more room to grow.
Boosting Online and Hybrid Retail
The company is also investing in its online shopping infrastructure, especially through dark stores—warehouses that serve only online orders. More Retail currently has 40 such stores and wants to expand this to 100 by FY26.
Additionally, its partnership with Amazon Fresh is growing. At present, around 270 More Retail stores serve Amazon grocery customers, and this number is expected to rise to 500–600 by the end of this fiscal year.
Financial Performance and Revenue Growth
In FY25, More Retail reported a small loss of ₹60–65 crore at the EBITDA level (Earnings Before Interest, Tax, Depreciation, and Amortization). However, the company expects to become EBITDA-positive with a profit of around ₹60 crore in FY26.
The company’s revenue (topline) is growing steadily. It earned ₹5,000 crore in FY25 and is expecting ₹6,000 crore in FY26, with a goal of reaching ₹7,500–8,000 crore by FY27.
Though the company is still reporting net losses, it expects to become net profitable (PAT-positive) by FY27, according to the management.
Pre-IPO Funding and Valuation
In the months leading up to the IPO, More Retail has raised ₹150 crore from family offices, which has helped the company set a basic valuation benchmark. Over the last five years, Amazon and Samara Capital have together invested ₹900 crore in More Retail, in addition to the ₹4,300 crore they paid when acquiring the company.
