Mom’s Belief parent Rays of Belief plans 319 new centres by FY2029
Rays of Belief, parent of child therapy platform Mom’s Belief, plans to use proceeds from its September 1 IPO to expand its network. The company had 136 centres across 57 cities as of March 31, 2026, and targets 319 additional centres between FY2027 and FY2029.
What happened
Rays of Belief, parent of child therapy platform Mom's Belief, will launch a Rs 149-152 crore fresh-issue IPO on September 1. Proceeds will fund expansion from
Key facts
- IPO opens September 1, 2026 and closes September 3, 2026
- Fresh issue of up to 52.3 lakh equity shares
- Expected IPO proceeds: Rs 149-152 crore
- Pre-IPO placement: Rs 5.9 crore
- Pre-IPO share allotment price: Rs 284-290
- 136 centres across 57 cities and 20 states/UTs as of March 31, 2026
- 319 new centres planned between FY2027 and FY2029
- FY2026 revenue: Rs 81.66 crore versus Rs 36.41 crore in FY2025
- FY2026 profit: Rs 4.95 crore versus Rs 5.88 crore in FY2025
- More than 58,000 children served since 2018
Why this matters
The rapid rollout opens partnership and acquisition opportunities in regional therapy providers, referral networks, real estate, and workforce-training platforms.
What to watch
- IPO timing, issue size, stated use of proceeds and post-listing cash available for expansion.
- Quarterly centre-opening pace versus the implied run rate of roughly 106 openings annually from FY2027 through FY2029.
- Revenue, EBITDA, occupancy and client ramp-up disclosures for newly opened versus mature centres.
- Therapist headcount, attrition, training capacity and clinician-to-client ratios.
- Mix of Tier 1, Tier 2 and Tier 3 launches, along with evidence of cluster density in the 57 existing cities.
- Partnership announcements with hospitals, schools, insurers, state programmes or corporate health-benefit platforms.
- Any change in licensing, accreditation, special-education, telehealth or insurance-reimbursement rules affecting child therapy services.
- Raise and deploy IPO capital toward leased centre fit-outs, diagnostic equipment, digital care platforms and regional operating teams.
- Accelerate hiring and training of speech therapists, occupational therapists, behavioural therapists, special educators and centre managers.
- Use city clusters rather than isolated sites, with flagship assessment hubs feeding smaller therapy centres and hybrid tele-therapy capacity.
- Build referral channels with paediatricians, schools, hospitals, insurers, employers and parent communities to improve centre utilisation.
- Standardise clinical outcomes reporting and care plans to differentiate from fragmented local therapy providers and support premium pricing.
- Pursue selective acquisitions or franchise-like partnerships in cities where local providers already have therapist networks and parent trust.