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Published on
May 13, 2025
5 min read
More Retail Plans ₹2,000 Cr IPO by 2026 to Expand Stores and Cut Debt
More Retail, a popular supermarket chain from India, is preparing to go public with its IPO by 2026. The company is backed by Amazon and Samara Capital and plans to raise INR 2,000 crore through the IPO, as reported by Business Standard.
More Retail Managing Director Vinod Nambiar said, “We are looking at an IPO in 12–18 months, depending on valuation and market conditions. We hope to raise ₹2,000 crore, and the current promoter dilution could be about 10%.”
Funding Expansion and Reducing Debt
As part of More Retail’s IPO plan, the company has the intention of using the funds raised to expand its stores chain within India, as well as develop its supply chain and technology. A substantial amount of the money will also be used in clearing debts. The aim is to enhance operations and make profits in the long-term.
More Retail’s upcoming INR 2,000 crore IPO is likely to support the company’s growth in a ruthlessly competitive market. By clearing its debt and concentrating on expansion, More Retail aims at positioning the company in a better financial state over which its public listing can be announced.
Mr. Nambiar said that the funds generated will be used to raise the number of stores to 3,000 by 2030 and clear most of the company’s debt. Currently, the firm carries approximately ₹500 crore in debt, comprising loans and non-convertible debentures (NCDs). The promoters have been demonstrating strong long-term commitment towards the business, having invested ₹900 crore over the past five years, above the ₹4,300 crore they invested in buying the company.
Backed by Amazon and Samara Capital
More Retail is backed by Amazon and Samara Capital, who bought the company in 2019 and own 51% and 48% stake,respectively. Through their combined forces, the brand has been able to expand its presence in both physical and digital stores. Having the support of global technology giant Amazon lends an extra layer of investor confidence to the upcoming IPO.
The investment by Amazon and Samara Capital has been instrumental in streamlining More Retail’s operations. With their backing, the company has enhanced store formats, digital payment, and supply chain management. These initiatives are likely to have a positive impact during the IPO process.
The Managing Director said, “More Retail raised ₹150 crore in the last 120 days from family offices to benchmark valuation. The retail chain, which is expanding aggressively, is set to cross 1,100 stores soon and aims to become EBITDA-positive with ₹60 crore profit in FY’26.”
Strong Retail Presence Across India
More Retail operates hundreds of stores in cities and towns across India. The brand focuses on offering a mix of fresh produce, groceries, and daily-use items. It competes with other retail giants like Reliance Retail, DMart, and Big Bazaar. The fresh funding from the IPO is likely to be used to open more stores in both metro and smaller cities.
The Indian urban retail market has been growing rapidly, and More Retail’s upcoming IPO is expected to attract strong investor interest. With plans to expand further and reduce its financial liabilities, the company is positioning itself for long-term growth.
As the More Retail IPO draws closer, market watchers are keeping a close eye on its progress. Backed by major investors and a clear strategy, the company’s IPO could become one of the key listings to watch by 2026.
