More Retail Eyes 2025 IPO, Focuses on Hybrid Expansion with Amazon Fresh
Amazon-backed More Retail is preparing to list its Initial Public Offering (IPO) in 2025, as the company seeks to leverage increasing demand for offline and online grocery shopping in India. With a strong foothold in the country’s food and staples market, Mumbai-headquartered retail chain More Retail is making large bets on its hybrid store format and strategic partnership with Amazon Fresh to lead future growth.
More Retail, which operates 775 stores nationwide currently, registered gross sales of almost Rs. 5,000 crore (around $580.11 million) in the financial year 2025, a growth of 11% over the previous year. The company aims to double its store numbers in the next five years, reflecting its aggressive expansion plan in the face of changing consumer tastes.
In spite of volatility in the markets and fears of a global economic slowdown affecting Indian equities, the company is optimistic about the long-term future of the grocery retail industry. It feels that the rising use of online grocery delivery services will drive its growth in the coming years.
The firm’s hybrid concept, where the stores serve as both conventional retail shops and Amazon Fresh fulfilment centres, is more profitable than typical brick-and-mortar operations. This format is set to be central to the company’s growth, particularly as it readies itself for a public listing.
Same-store sales recorded a healthy 23% growth in the year 2025, and this trend is likely to continue. In the next 18 months, More Retail will open more than 500 new stores in almost 160 cities as part of its augmented tie-up with Amazon’s grocery delivery business.
The company is also concentrating on slotted deliveries, where consumers can select the time slots at which they wish to receive their groceries. This move is away from the fast-delivery trend, popularly referred to as quick commerce, that has picked up in urban India. Indeed, quick commerce covered over two-thirds of total e-grocery orders in the last year alone, and the segment’s share expanded nearly five times to an estimated $6–$7 billion since 2022, reports stated recently.
With More Retail getting ready to debut publicly, its blended strategy and reinforced partnership with Amazon are likely to be prime cornerstones for facing India’s competitive and rapidly changing retail space.
