Amazon.com-backed grocer More Retail IPO coming? Check value
More, an Indian grocery chain backed by Amazon.com, is considering an IPO that could value the company at as much as $5 billion, according to people with knowledge of the matter.
More Retail Pvt., an Indian grocery chain backed by Amazon.com Inc., is considering an initial public offering that could value the company at as much as $5 billion, according to people with knowledge of the matter.
The company is weighing a first-time share sale in Mumbai as early as June, the people said, asking not to be identified as the information isn't public. More Retail could raise as much as $500 million in a listing, which would consist largely of new shares, one of the people said.
Witzig Advisory Services Pvt. acquired More Retail in 2019 from billionaire Kumar Mangalam Birla's Aditya Birla Group, according to the retail chain's website. Witzig is owned by Amazon and Samara Capital Partners.
Deliberations are at an early stage and details such as the timing and size could change, the people said. A representative for Samara Capital declined to comment, while a representative for More Retail did not immediately respond to requests for comment.
The 25-year-old company operates more than 600 retail stores including supermarkets and hypermarkets, selling groceries and daily household products from cooking oil to Indian spices, the website shows.
More Retail would join a strong pipeline of Indian companies considering IPOs next year. State-backed insurance giant Life Insurance Corp. of India, as well as Flipkart Online Services Pvt., the Indian e-commerce firm controlled by Walmart Inc. and digital education startup Byju's are among the firms preparing for first-time share sales.
Grofers renames itself Blinkit with eye on faster deliveries
(Reuters) - Indian internet firm Grofers on Monday rebranded itself Blinkit as its CEO promised to speed up deliveries of everything from groceries to electronics in a burgeoning market dominated by Walmart's Flipkart and Amazon's local unit.
The SoftBank-backed firm, which until now has focused mainly on grocery deliveries, has more than 100 partner stores or warehouses in eight cities through which it makes 10-minute drop-offs to shoppers, CEO Albinder Dhindsa told Reuters.
"We saw that this is going to be the future of commerce," Dhindsa said. "We are targeting to have almost 1,000 (partner) merchants by the middle of next year... we are also planning to expand to 100 cities by March."
Engineering graduates Dhindsa and Saurabh Kumar founded Grofers as an online grocer in late 2013.
Its expansion into the wider Indian e-commerce space pits it directly against formidable rivals such as Flipkart, Amazon and the retail push of tycoon billionaire Mukesh Ambani's Reliance in a market which EY expects to grow at an average 27% annually, to touch $99 billion by 2024.
Dhindsa said the company, which currently has 2,000 employees, will hire many more engineers.
"We will add as many people as we can according to our business needs. We've hired 700 people in the last 4 months and we're looking to scale up very, very aggressively."
Another 20,000 people work indirectly for the firm as delivery workers and partners.
Dhindsa added that Blinkit, which counts investment firm Tiger Global and homegrown food delivery company Zomato among its backers, is currently evaluating its capital requirements but is not in a hurry to raise funds anytime soon.
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