More Retail raises ₹400 crore ahead of 2026 IPO, eyes deeper push into smaller towns

Mint

09-06-2025

Mumbai: Supermarket chain More Retail has raised around ₹400 crore from existing investors Samara Capital and Amazon, as well as new domestic family offices over the past 12 months, as it gears up for a public listing within the next year, two people aware of the matter said.
The capital raise—separate from earlier rounds in previous years—will be used to fund the company's store expansion and operational growth, one of the two people said. More Retail managing director and CEO Vinod Nambiar confirmed the fundraise in an emailed statement, but Samara and Amazon did not respond to Mint's requests for comment.
The fresh infusion comes as More Retail prepares to scale up its operations, expand into smaller cities and ramp up its role in powering Amazon's grocery delivery arm, even as losses persist and revenue shrinks. The company is reportedly targeting a ₹2,000 crore initial public offering (IPO) next year, with no secondary share sale planned.
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'We've spent the last few years strengthening our fundamentals and building a robust, profitable, and scalable business model," Nambiar said. 'This consistent performance has reinforced the confidence of our existing and new investors, who continue to support our long-term vision and have invested (approximately) ₹400 crore in the last year."
More plans to expand its hybrid retail model to over 2,000 stores by 2030, with a sharper focus on tier-2 and smaller cities, Nambiar said.
The company had reportedly raised ₹387 crore from Amazon and Samara in FY24, ₹300 crore in FY23, and ₹400 crore in FY22. However, More clarified that the latest fundraise is distinct from those rounds and includes participation from both existing and new investors.
Retail strategy
More Retail was set up by the Aditya Birla group in 2006 and acquired in 2019 by Samara Capital and Amazon via Witzig Advisory Services, now More Consumer Brands Pvt. Ltd (MCBPL). Samara owns and controls 51% of MCBPL through its Alternative Investment Fund, while the remaining 49% is held by the Amazon Group.
Over the past two years, the company has shuttered loss-making outlets, exited categories such as general merchandise, reduced hypermarket operations, and trimmed corporate headcount. It now operates over 750 stores in 270 towns, with a strong presence in southern and eastern India—down from more than 900 stores in FY22.
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The retailer has reduced its footprint in western and central India over FY23 and FY24 to focus on its core markets. In a November 2024 report, India Ratings said More would continue to benefit from its heavy concentration in South India (which accounts for over 70% of its stores), followed by moderate exposure in the north and east.
The company has also become a critical part of Amazon's grocery delivery strategy, serving as a fulfilment layer for the Amazon Fresh platform. In India's top 14 cities, Amazon Fresh orders are fulfilled via a mix of warehouses and More stores; in the rest of the country, they are serviced entirely through More locations. As of September 2024, 277 More stores were fulfilling Fresh orders, up from 150 a year earlier—a number that is expected to grow further.
According to the India Ratings report, the company faces challenges from increased borrowings and debt servicing obligations as it has been refinancing its existing debt due to weak cash flow generation on account of continued losses.
It intends to continue funding its expansion and operational cash losses primarily through equity infusions, with little or no reliance on external debt, the credit rating agency added.
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In FY24, More Retail reported a revenue of ₹4,148.7 crore, down from ₹4,506.7 crore a year earlier. Its net loss narrowed slightly to ₹532.6 crore from ₹550.3 crore, according to a report by Inc42.
More faces tough competition from quick commerce players and traditional retailers such as D-Mart and Reliance Fresh. Platforms offering fast delivery and discounts are increasingly drawing urban customers away from kirana stores and traditional supermarkets.