More Retail raises ₹400 cr before 2026 IPO, eyes towns

More Retail was set up by the Aditya Birla group in 2006 and acquired in 2019 by Samara Capital and Amazon

- Priyamvada C

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 chief executive officer (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.