More Retail, a Mumbai-based supermarket chain, plans to launch its IPO in 2025, according to managing director Vinod Nambiar.

The company currently operates 775 stores across India using a hybrid model that combines physical stores and online services. Its hypermarkets sell groceries, electronics, and clothing, while its supermarkets focus on daily essentials.

More Retail also serves as a fulfillment partner for Amazon Fresh, which reportedly yields higher margins than traditional retail.

The company aims to add over 500 stores in 160 cities within the next 18 months and double its store count over the next five years.

In FY25, it reported gross sales of nearly 5,000 crore rupee (US$581.77 million), up 11% from the previous year. However, its standalone operating revenue for FY24 fell 8% to INR 4,148.6 crore rupee (US$482.71 million).

More Retail offers grocery delivery via its app and is testing scheduled delivery, in contrast to the quick delivery model of rivals like Zepto, Instamart, and Blinkit.

🔗 Source: Inc42

🧠 Food for thought

1️⃣ Hybrid retail models offer margin advantages in crowded Indian e-grocery market

More Retail’s IPO strategy centers on a hybrid model that differs significantly from pure quick commerce players that dominate the Indian e-grocery landscape.

The company’s approach, using stores as both physical outlets and fulfillment centers for Amazon Fresh, yields higher margins than standalone brick-and-mortar operations, according to managing director Vinod Nambiar 1.

This strategy positions More Retail differently in a market where quick commerce has rapidly expanded to account for over two-thirds of e-grocery orders and grown approximately fivefold to $6-7 billion since 2022 1.

While quick commerce players like Blinkit (45% market share), Instamart (27%), and Zepto (21%) dominate the instant delivery segment with their dark store models, More Retail is betting on slotted deliveries that allow customers to choose specific time windows 2.

More’s expansion plan to add 500 stores in 160 cities reflects confidence in this hybrid approach, even as the quick commerce market in India is projected to reach $9.94 billion by 2029 3.

2️⃣ Financial metrics reveal retail IPO readiness amid challenging market conditions

More Retail’s IPO plans come amid mixed financial performance, highlighting the importance of analyzing key retail metrics beyond headline growth figures.