Amazon and Samara Capital-backed More Retail is preparing to launch an initial public offering (IPO) in 2026, aiming to raise Rs 2,000 crore primarily through a fresh capital infusion. The proceeds will be utilised to expand the retail chain’s footprint to 3,000 stores by 2030 and substantially reduce its debt.

Promoters Samara Capital and Amazon currently own 51 percent and 48 percent respectively, having collectively invested Rs 900 crore in the last five years, apart from the Rs 4,300-crore acquisition cost. More Retail also raised Rs 150 crore from family offices in the past 120 days to benchmark its valuation ahead of the IPO. The company is intensifying its partnership with Amazon Fresh, aiming to integrate 500–600 of its stores with the online grocery service by the end of FY'26 - up from the current 270.

It also plans to scale its 'dark store' network, which services online orders exclusively, from 40 to 100 outlets. The total store count, including offline and hybrid formats is set to exceed 1,100 in the near term. The expansion strategy includes entering smaller towns and strengthening its omni-channel presence, aligning with its goal of becoming a key player in India's retail growth story.