More Retail's ₹2,000 Crore IPO: Powering a 3,000-Store Future

Amazon and Samara Capital-backed More Retail is gearing up for a ₹2,000 crore initial public offering (IPO) in 2026, aimed primarily at funding store expansion and debt reduction. The company plans to scale its footprint to 3,000 stores by 2030 and strengthen its omni-channel strategy.

Currently, Samara Capital and Amazon hold 51% and 48% stakes respectively, having jointly invested ₹900 crore in the past five years, in addition to the ₹4,300 crore acquisition cost. More Retail recently raised ₹150 crore from family offices to benchmark its valuation ahead of the IPO.

The company is deepening its collaboration with Amazon Fresh, targeting the integration of 500–600 stores with the platform by FY26, up from 270 currently. It also aims to expand its dark store network from 40 to 100 to support growing online demand. With a total store count projected to exceed 1,100 in the near term, More Retail is focusing on entering Tier II and III towns to solidify its position in India’s evolving retail landscape.

News by Rahul Yelligetti.