&w=3840&q=100)
More Retail plans ₹2,000 crore IPO by 2026 to fund expansion, cut debt
Amazon and Samara Capital-backed supermarket chain More Retail is planning to raise around Rs 2,000 crore through an initial public offer (IPO), which is expected to hit the market in the calendar year 2026, a top company official said on Monday.
The proposed fund-raise plan will be mostly through fresh capital infusion, with no significant offer-for-sale component, as promoters, Samara Capital and Amazon, who hold 51 per cent and 48 per cent stake respectively, are unlikely to offload their shares, he said, adding that the remaining stake is held by family offices.
"We are looking at an IPO in 1218 months, depending on valuation and market conditions. We hope to raise Rs 2,000 crore, and the current promoter dilution could be about 10 per cent," More Retail Managing Director Vinod Nambiar said.
He said the funds will be used primarily to expand the store count to 3,000 by 2030 and to make the company nearly debt-free.
The current debt stands at about Rs 500 crore, consisting of loans and non-convertible debentures (NCDs), the company official said.
Both promoters have a long-term commitment to the business and pumped in Rs 900 crore over the past five years in addition to the acquisition cost of Rs 4,300 crore.
"More Retail raised Rs 150 crore in the last 120 days from family offices to benchmark valuation," Nambiar said.
The retail chain, which is expanding aggressively, is set to cross 1,100 stores soon and aims to become EBITDA-positive with Rs 60 crore profit in FY'26, he said.
The company reported a Rs 65 crore EBITDA loss in FY'24, as per Ind AS accounting standards.
"It will take two years to achieve PAT-level profitability," he added.
The retailer is also deepening its partnership with Amazon Fresh. Currently, 270 of its stores serve Amazon Fresh, and this number is expected to rise to 370 by July, and further to 500600 stores by the end of the current fiscal year, Nambiar said.
The company's offline and hybrid store count is projected to exceed 1,100 by FY'26, while the number of 'dark' outlets will also grow from the existing 40 to 100 by then.
'Dark' stores only cater to online orders.
Most of the expansion will take place in smaller towns, and during the current fiscal, Jharkhand and Odisha will be added to its footprint, Nambiar said.
More Retail currently has a strong presence in South India, West Bengal, Punjab, Haryana, and the NCR, having exited from Delhi city and Mumbai.
Meanwhile, Nambair said West Bengal is a key market and the company is the largest in West Bengal in terms of the number of stores.
The company has 109 stores in Bengal and will add 90 outlets in the next two years.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Delhi govt proposes 5-fold increase in financial assistance to students pursuing handloom training
The Delhi government has proposed a five-fold increase in financial assistance provided to students pursuing handloom training at the Indian Institute of Handloom Technology (IIHT), Jodhpur, officials said. According to an official statement, the Industries Department of the government has recommended a substantial enhancement in financial assistance provided to students pursuing handloom training at IIHT, Jodhpur. The proposal outlines increases in two key components of student assistance. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Beautiful Women Ever Today's NYC Undo The additional state stipend is likely to be enhanced from the existing Rs 400 per month to Rs 2,000 per month, disbursed for training for students in first, second and third years. It has been proposed that the educational book/tour allowance should be increased from Rs 1,000 per year to Rs 5,000 per student per year, applicable to students in their second and third years, the statement added. Live Events "This is a strategic investment in our youth and the timeless legacy of Indian handlooms. It is not merely a revision of numbers, but a conscious step to strengthen the foundation on which our future artisans stand. "Even modest support, when thoughtfully directed, can empower students to complete their training with dignity and contribute meaningfully to the revival and modernization of traditional crafts," said Industries minister Manjinder Singh Sirsa. These enhanced rates are proposed to take effect from the academic session 2025-26. It is pertinent to note that the current rates have remained unchanged since 2009-10 and no revisions have been made since then. Over time, the cost of study materials, technical books, and educational exposure through tours has increased significantly, making the enhancement necessary, according to an official. For the financial year 2025-26, an allocation of Rs 10 lakh has been earmarked to meet the expenditure under the scheme.
India.com
an hour ago
- India.com
Billionaire Anil Agarwal plans to raise up to Rs 5000000000 via...
New Delhi: Anil Agarwal-led mining firm Vedanta Ltd on Friday, May 30 said the committee of directors has approved raising up to Rs 5,000 crore via issuance of debentures. The committee approved the issuance of 5 lakh unsecured, rated, listed, redeemable non-convertible debentures (NCDs) of face value of Rs 1 lakh each on a private placement basis, according to a regulatory filing by Vedanta. 'The duly authorised committee of directors at its meeting held today has considered and approved the issuance of unsecured, rated, listed, redeemable, non-convertible debentures (NCDs) on a private placement basis aggregating up to Rs 5,000 crore,' the company said in the filing. In the January-March quarter, Vedanta reported a 154.4 per cent growth in its consolidated net profit to Rs 3,483 crore which was pushed by lower production costs and higher volumes. The company had posted a net profit of Rs 1,369 crore in the year-ago period. During Q4 FY25, its income rose to Rs 41,216 crore from Rs 36,093 crore in the year-ago period. As on March 31, 2025, the company's gross debt stood at Rs 73,853 crore. A top official of the company said that the demerger of its businesses is expected by the end of September this year. 'We are on track to finish (the demerger) by the second quarter end,' said Vedanta CFO Ajay Goel while talking to news agency PTI. Vedanta Ltd is one of the world's leading natural resources, critical minerals, energy, and technology companies spanning across India, South Africa, Namibia, Liberia, the UAE, Saudi Arabia, Korea, Taiwan, and Japan with significant operations in sectors like oil and gas, zinc, lead, silver, copper, iron ore and steel. The appellate tribunal National Company Law Appellate Tribunal (NCLAT) has stayed the National Company Law Tribunal (NCLT) orders against the demerger of the multinational mining company into separate entities and subsequent listing. The Mumbai bench of NCLT had on March 4, 2025 rejected the first motion petition moved for the composite scheme of arrangement between Vedanta in the matter of Talwandi Sabo Power Ltd (TSPL), observing that 'material facts have not been disclosed' regarding its debt obligations, which was against the Companies Act. (With PTI inputs)
Hans India
an hour ago
- Hans India
5 years of PM SVANidhi scheme: Street vendors thank Modi govt for empowering them
The PM SVANidhi scheme, which started off as a micro-credit scheme during the Covid-19 pandemic, to help the street vendors and small businesses survive and sustain their ventures in trying times, has another side to it. Many beneficiaries, who got funds under this scheme, utilised it to build lasting enterprises, and many of them went on to create success stories worth emulating. Launched by Prime Minister Narendra Modi on June 1, 2020, the micro-credit facility scheme proved to be a boon for thousands of street vendors and small businesses in improving their livelihood. As the scheme completes five years on Sunday (June 1), many beneficiaries pan-India shared their story of transformation with IANS while extending their gratitude to the Modi government. In Bihar's Bhagalpur, more than 4,000 beneficiaries have availed the benefits of the scheme. It has opened new doors for poor and unemployed youth in the district. Today, there are around 1,200 street vendors who have taken a loan of up to Rs 20,000 and are doing business. Some shopkeepers, namely Sujit Sinha, Arbind Das and Ganesh Gupta, who benefited from the scheme, expressed their deep gratitude to PM Modi. Deputy Mayor of Bhagalpur Municipal Corporation, Salauddin Ahsan, informed that close to two dozen people got a loan of up to Rs 50,000 under the scheme. Under this scheme, a loan up to Rs 10,000 is provided in the first phase, Rs 20,000 in the second phase and Rs 50,000 in the third phase. After repaying one loan, traders can avail of the next phase of the loan. In Uttar Pradesh's Chandauli district, local retailers said that this scheme has helped them a lot in expanding their business. In Chhattisgarh's Bemetra district, Chaileshwar Verma, who got a loan of Rs 10,000 under the scheme, restarted his fruit shop. Today, he has become self-reliant. 'I got a loan of Rs 10,000 from this scheme, with which I restarted my shop. Now my shop is running well. I have become self-employed,' he said. Kawardha, another district of Chhattisgarh, also boasts of the scheme's success as many small businessmen and street vendors saw their business propped by the Central government's assistance under the PM-SVANidhi scheme. Vikas Devangan and Narendra Kumar, the residents of Pandaria Municipality in Kabirdham district, received two instalments of Rs 20,000 under the scheme, which helped them restart their tea and grocery shop, respectively. In Karnataka's Tumkur district, a couple of women street vendors shared their story of despair during Covid and also explained how the scheme helped them cross past all challenges. Lalita, a beneficiary, recalled the financial difficulties during Covid and how local lenders denied loans. She was unable to secure funds from the local bank, also. PM SVANidhi scheme came to her rescue as she was sanctioned a loan of Rs 10,000. She successfully repaid the amount by selling fruits and vegetables on the streets. She thanks the government for stabilising her livelihood during tough times. Radha, a flower vendor, found it hard to sustain her business during Covid times. Under the PM SVANidhi scheme, she got a loan of Rs 10,000, which helped her improve her flower-selling business and gain financial stability. After successfully repaying the first loan, she secured another loan of Rs 20,000, which helped cover rent and also support her children's education. Jayamma, a vegetable vendor in Tumkur, shared her story of finding stability because of the PM SVANidhi scheme, saying, 'Before availing this scheme, I had to struggle with high interest as private loans made it difficult to sustain our business. She expressed her gratitude to the Centre, saying that the scheme has brought a significant difference in her ability to support herself and her family. The scheme launched during the Covid-19 pandemic on June 1, 2020, provides collateral-free loans up to Rs 50,000 for eligible street vendors in incremental tranches. It provides loans in three tranches: 1st tranche of Rs 10,000, 2nd tranche of Rs 20,000, subject to repayment of the 1st tranche, and 3rd tranche of Rs 50,000 upon repayment of the second loan.
