India, April 11 -- Supermarket retailer More Retail is planning to launch its initial public offering (IPO) next year as it looks to expand its network of hypermarket stores in India.

More Retail's managing director Vinod Nambiar told Reuters that the company is planning to double its store count in five years as more shoppers in India now choose supermarkets and online platforms for groceries.

Currently, the Mumbai-based company has a total of 775 stores across India.

More Retail operates under a hybrid model, combining both online and offline formats. While its supermarkets focus on a wide selection of groceries and daily essentials, hypermarkets include non-food items like electronics and clothing.

Nambiar further said that the com...