Rays of Belief, the company behind the Mom’s Belief brand, has filed its UDRHP with the Securities and Exchange Board of India (SEBI), marking a significant milestone for India’s fast-evolving behavioural and neurodevelopmental healthcare space. Positioned as a for-profit social enterprise, the company is attempting something rare in Indian capital markets—combining measurable social impact with a scalable, profit-oriented business model.
Rays of Belief IPO Snapshot
- Issue type: 100% Fresh Issue
- Size: Up to 6 million equity shares (Face Value: INR 10 each)
- Lead manager: Mefcom Capital Markets
- Registrar: KFin Technologies
The shareholding structure is highly promoter-led:
- Carving Futures Pte. Ltd. – 92.63%
- Manish Agarwal – 2.26%
- KAPICO Investment Co. L.L.C – 1.24%
- Rainmatter Investments – 1.10%
Rays of Belief IPO: Business At the Core
Rays of Belief operates in a niche yet rapidly expanding segment—intervention plans for children with Neurodevelopmental Disorders (NDDs) such as ASD, ADHD, cerebral palsy, Down syndrome, learning disabilities, and global developmental delays.
What differentiates the company is its parent-as-co-therapist model, where families are deeply integrated into therapy delivery through structured programs, home-based kits, and digital tracking.
As of 30 September 2025:
- 136 centres across India (plus 3 centres in the US)
- Presence in 57 cities across 20 states/UTs
- Strong tilt towards Tier-2 and Tier-3 cities, an under-served but high-potential market
By number of centres, the company ranks:
- #1 in India
- #7 globally among listed peers in the behavioural health domain (CARE Report)
Rays of Belief IPO: Pro-Forma Consolidated Financials (Post US Acquisition – FY25)
| Particulars | India Standalone | US Subsidiary | Pro-Forma Consolidated |
|---|---|---|---|
| Revenue from Operations | 36.42 | 36.72 | 73.14 |
| Other Expenses | 12.29 | 21.31 | 33.60 |
| EBITDA | 3.02 | – | – |
| Profit After Tax | 5.88 | 0.70 | 6.58 |
| EPS (INR) | 187.88 | – | 210.24 |
Revenue by Centre Type (FY25)
| Centre Type | Revenue (INR Cr) | % of Total |
|---|---|---|
| Company Learning Centres | 2.40 | 6.6 |
| Partner Centres (Licensed Professionals) | 18.41 | 50.6 |
| Centre of Excellence & Research | 0.49 | 1.4 |
| Overseas Centres | NA | NA |
| Total | 21.3.09 | 58.5* |
Figures in INR Crore until specified
📌 Insight: The partner-led model is the primary revenue engine—highly scalable and asset-light.
US Acquisition
In June 2025, Rays of Belief acquired Mom’s Belief US Inc. and Allergy & Immunology Virginia LLC, adding three centres in Virginia.
While small in count, the acquisition:
- Opens access to higher-value clinical services
- Adds USD revenue streams
- Creates a base for behavioural therapy expansion in developed markets
US centres already contributed INR 20.59 crore to consolidated revenue in just six months—nearly half of total consolidated operations for that period.
Rays of Belief IPO: Use of Funds
The company plans to deploy proceeds with surgical clarity:
- INR 57.62 crore for setting up new centres (India-focused)
- INR 14.45 crore for lease payments of existing centres
- INR 10.13 crore investment into the US subsidiary
- INR 10.21 crore for brand building and inclusive outreach
- Balance for inorganic growth and general corporate purposes
Management plans to open 414 new centres between FY27–FY29, leveraging its asset-light, leased-premises model.
Market Tailwinds
According to CARE:
- ASD therapy market (India): CAGR ~6–6.5% till CY34
- ADHD therapy market: CAGR ~5.6%
- Developmental delays therapy: CAGR ~11%
- Speech disorder therapy: CAGR ~11–12%
Rising diagnosis rates, better awareness, tele-therapy adoption, and inclusion-focused education policies provide structural growth visibility.
Final Words
Rays of Belief sits at a junction of social impact investing, digital health, education support, and healthcare services. For investors, the UDRHP demonstrates that the company is transitioning from a “scale at any cost” approach to a “disciplined growth” phase with rising profits. Rays of Belief is positioning itself as India’s first listed, scaled neurodevelopmental care platform. This is because it has strong execution metrics and a large market opportunity that hasn’t been fully tapped yet.