Mumbai, June 10 -- Supermarket chain More Retail has raised around Rs.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 Rs.2,000 crore initial public offering (IPO) next year, with no secondary share sale planned. "We've spent the last few years strengthening our fundamentals and building a robust, profitable, and scalable business model," Nambiar said. "This consistent performance has reinforced the confidence of our existing and new investors, who continue to support our long-term vision and have invested (approximately) Rs.400 crore in the last year." More plans to expand its hybrid retail model to over 2,000 stores by 2030, with a sharper focus on tier-2 and smaller cities, Nambiar said. The company had reportedly raised Rs.387 crore from Amazon and Samara in FY24, Rs.300 crore in FY23, and Rs.400 crore in FY22. However, More clarified that the latest fundraise is distinct from those rounds and includes participation from both existing and new investors. More Retail was set up by the Aditya Birla group in 2006 and acquired in 2019 by Samara Capital and Amazon via Witzig Advisory Services, now More Consumer Brands Pvt. Ltd (MCBPL). Samara owns and controls 51% of MCBPL through its Alternative Investment Fund, while the remaining 49% is held by the Amazon Group. Over the past two years, the company has shuttered loss-making outlets, exited categories such as general merchandise, reduced hypermarket operations, and trimmed corporate headcount. It now operates over 770 stores in 360 towns, with a strong presence in southern and eastern India-down from more than 900 stores in FY22. The retailer has reduced its footprint in western and central India over FY23 and FY24 to focus on its core markets....