Supermarket chain More Retail has raised approximately ₹400 crore over the past year through a combination of existing investors and leading Indian family offices. The fresh capital is set to bolster the company’s expansion and digital initiatives as it prepares for a much-anticipated Rs. 2,000 crore IPO, slated for calendar year 2026.
The latest fundraise will support the company’s ongoing efforts to expand its store footprint, enhance operational scale, and deepen digital integration, particularly in Tier-2 and Tier-3 towns, where organized retail remains underpenetrated.
“We will go public—not just to raise money, but to validate our model and reward early investors,” said Vinod Nambiar, Managing Director and CEO, More Retail. The proposed IPO will consist primarily of a fresh issue of shares, with no significant offer-for-sale (OFS) component, ensuring that both Samara Capital (51%) and Amazon (48%) retain their stakes post-listing.
Proceeds from the IPO will also be used to reduce the company’s debt, currently standing at Rs. 500 crore, which includes loans and non-convertible debentures (NCDs). More Retail is targeting an EBITDA profit of Rs. 60 crore in FY26, a marked improvement from the Rs. 65 crore EBITDA loss reported in FY24. The company also anticipates turning PAT-positive within two years.
As part of its aggressive growth strategy, More Retail plans to scale up from 775 stores to over 1,100 by FY26, with a long-term goal of reaching 3,000 stores by 2030. The retailer is also expanding its network of “dark stores”—facilities dedicated exclusively to fulfilling online orders—from 40 to 100 locations over the same period.
“Our model is not built around top-up convenience. Customers shop with us about eight times a month, purchasing full grocery baskets with an average ticket size of ₹850,” Nambiar said, noting that this is nearly double the basket value of most quick commerce platforms.
The company continues to consolidate its geographical presence, focusing on South India, Punjab, Haryana, NCR, and West Bengal, while strategically exiting from Mumbai and Delhi to streamline operations. In FY26, More Retail is set to enter Jharkhand and Odisha, further deepening its presence in India’s fast-growing underserved markets.
