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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Establishment of New Development Centers
Funding capital expenditure for opening new company-owned centers, school units, and research facilities on leased premises.
Lease Payments for Domestic Centers
Meeting lease commitments for operational child development centers situated across India.
Investment in US Subsidiary Facilities
Funding lease and facility commitments for overseas centers operated by subsidiary Mom's Belief US Inc.
Brand Awareness and Inclusive Outreach
Supporting marketing campaigns, public educational initiatives, and community outreach programs.
General Corporate Purposes
Allocating capital toward strategic business opportunities and general corporate operational needs.
(₹ in Crore)
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Rays of Belief Limited, established in 2017, operates as a specialized social enterprise focused on providing clinical therapy and holistic care for children facing neurodevelopmental conditions. Operating under the flagship brand Mom's Belief, the company delivers custom therapeutic programs addressing conditions such as Autism Spectrum Disorder, Attention Deficit Hyperactivity Disorder (ADHD), Down Syndrome, and Cerebral Palsy. Its multidisciplinary care model combines speech therapy, occupational therapy, behavioral analysis, and special education services. The company functions through an asset-light operational structure, using leased learning centers and strategic partnerships with schools and health professionals across India. As of September 30, 2025, Rays of Belief manages a network of 136 child development centers spanning 57 cities in 20 states and union territories, having served over 56,500 children and families. In June 2025, the company expanded its international operations through the acquisition of Mom's Belief US Inc., establishing therapy facilities in Virginia, United States. To expand its operational reach, the company plans to establish 319 additional child development centers across India between Fiscal 2027 and Fiscal 2029. This growth initiative aims to deploy capital toward expanding pediatric therapy access and strengthening healthcare infrastructure in Tier-II and Tier-III urban markets.
Rays of Belief Limited raised Rs 50.00 crore from anchor investors on August 31, 2026, allocating 20,92,190 equity shares at Rs 239 per share across five institutional participants including Viney Growth Fund, LRSD Securities Pvt Ltd, Nova Global Opportunities Fund PCC - Touchstone, 31 Degrees North Fund I, and Visionary Value Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 7 September 2026, 3:20 PM
Extensive Pediatric Therapy Network
Operates an established brand footprint under Mom's Belief, offering multidisciplinary pediatric care across 136 development centers.
Capital-Efficient Facility Operations
Utilizes a scalable leased facility framework, enabling rapid network expansion across Tier-II and Tier-III locations.
Integrated Clinical Care Model
Merges speech, occupational, and behavioral therapy protocols backed by digital monitoring systems to maintain consistent clinical standards.
Dependence on Property Leases
Business activities rely on short-term lease agreements for center facilities, creating exposure to lease renewals and rental escalation.
Geographical Revenue Focus
Derives a major portion of operational income from centers in Delhi, Uttar Pradesh, and Karnataka, creating regional market dependence.
Related Party Service Revenue
Generates a share of income from cross-border support services provided to promoter entities under inter-company arrangements.
Rays of Belief Limited
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