Mom’s Belief operator targets 319 new centres as it readies September IPO
Gurugram-based Rays of Belief, which operates Mom’s Belief neurodevelopmental therapy centres, plans to use IPO proceeds to expand by 319 centres between FY27 and FY29, with a focus on Tier-II and Tier-III markets. It operated 136 centres across 57 cities as of March 31, 2026.
What happened
Mom's Belief parent Rays of Belief will launch a fresh-share IPO on September 1 to fund 319 new neurodevelopmental therapy centres, with emphasis on Tier-II and
Key facts
- IPO opens September 1 and closes September 3
- Fresh issue of up to 52.30 lakh equity shares
- ₹5.89 crore raised in pre-IPO placement
- 319 new centres planned between FY27 and FY29
- ₹41.36 crore proposed allocation, including ₹34.99 crore for fit-outs
- 136 centres across 57 cities in 20 states and Union Territories as of March 31, 2026
- FY26 revenue ₹81.66 crore versus ₹36.42 crore in FY25
- FY26 profit ₹4.96 crore versus ₹5.88 crore in FY25
Why this matters
Mom’s Belief’s rapid rollout creates partnership and acquisition opportunities in regional therapy providers, clinician-training platforms, diagnostics and hospital referral networks needed to support its expansion.
What to watch
- IPO prospectus disclosures on issue size, stated use of proceeds, profitability, centre-level economics, and debt.
- Opening cadence versus the implied average of roughly 106 net new centres annually between FY27 and FY29.
- Therapist headcount growth, attrition, and any shift toward franchise or managed-centre models.
- New city launches and state-level clustering, particularly in Tier-II/III markets.
- Referral agreements with hospital chains, schools, insurers, and government or CSR-funded programs.
- Evidence of rising competition from therapy chains, hospital outpatient networks, edtech-enabled therapy platforms, and local clinics.
- Same-centre revenue, occupancy/utilization, patient retention, and treatment-completion metrics after IPO.
- Build regional hiring pipelines for occupational therapists, speech therapists, behavioural therapists, psychologists, and centre managers.
- Use hub-and-spoke operations, teletherapy, and travelling specialist teams to make smaller-city centres economically viable.
- Deepen referral partnerships with pediatricians, schools, hospitals, maternity chains, and diagnostic providers.
- Standardize clinical protocols, caregiver reporting, outcome measurement, and therapist training to protect quality during rapid expansion.
- Pursue cluster-based launches in selected states to lower marketing, supervision, and supply-chain costs.
- Increase brand and parent-education spending in markets with low awareness of neurodevelopmental intervention services.