April 11 (Reuters) - Amazon ( AMZN )-backed More Retail, a key

player in India's food and staples market, plans to go public

next year and double its store count in five as shoppers keep

turning to supermarkets and online buying for daily groceries, a

top executive told Reuters.

Mumbai-based More, known for its neighborhood supermarkets

and fresh grocery offerings, operates one of the country's

largest retail chains, with 775 stores as of its latest count.

The company reported gross sales of nearly 50 billion rupees

($580.11 million) in fiscal 2025, an 11% rise from the previous

year.

"Market cycles and volatility are part and parcel of the

public markets ... We are targeting an IPO next year subject to

market conditions," said Vinod Nambiar, managing director at

More, adding that the company's hybrid stores - serving both as

physical outlets and fulfillment centers for Amazon Fresh - have

higher margins than standalone brick-and-mortar setups.

The listing plans come at a time when investors have been

pulling back from Indian equities amid growing fears of a global

recession. But Nambiar is betting that the rising popularity of

online grocery deliveries will fuel growth.

Same-store sales for More rose 23% in fiscal 2025, and

Nambiar expects that momentum to continue.

The company has expanded its partnership with Amazon Fresh

, the e-commerce giant's grocery delivery service, and

plans to add more than 500 stores across roughly 160 cities to

the collaboration over the next 18 months, he said.

More is also leaning into slotted deliveries-a model where

customers select a time window for receiving groceries-as its

next growth driver. The strategy contrasts with the boom in

quick commerce, or 10-minute deliveries, that has reshaped

shopping habits in urban India.

The quick delivery model accounted for more than two-thirds

of all e-grocery orders last year, with its overall market share

growing roughly fivefold to $6 billion-$7 billion since 2022,

according to a recent report.

($1 = 86.1900 Indian rupees)