Rays of͏͏ Belief IPO

Rays of Belief Limited, operating under the brand “Mom’s Belief,” is a for-profit social enterprise with a mission to improve the lives of children with Neurodevelopmental Disorders (NDDs). Since its inception in 2018 with a single centre in Gurgaon, the company has achieved remarkable growth.

Geographic Presence and Reach:

• Extensive Network: As of September 30, 2025, the company operates 136 centres across 57 cities in India, spanning 20 states and union territories.

• Strategic Focus: With 76 centres in Tier 2 cities and 17 in Tier 3 cities, the company has established a strong presence beyond major urban hubs, targeting underrepresented communities where developmental care is traditionally limited.

• International Expansion: The company has expanded globally through the acquisition of Mom’s Belief US Inc., gaining three centres in Virginia, USA, with plans to further expand into the UAE and UK.

Service Offerings and Approach:

• Comprehensive Care: Rays of Belief offers a range of services including early intervention, occupational therapy, speech-language therapy, and behavioural support, primarily for children aged 18 months to 12 years.

• Client-Centric Model: Each child receives a personalized Individualized Education Plan (IEP) and Individualized Goal Plan (IGP), which are regularly reviewed by a team of over 339 clinical professionals, including psychologists, therapists, and special educators.

• Parental Empowerment: The company’s approach extends to caregivers through parental guidance and family support programs, empowering them with the skills to support their child’s development effectively.

Key Achievements and Awards:

• Industry Recognition: Recognized as one of the most valued mother and child brands by the Times of India in 2020.

• Global Acknowledgment: Awarded the Innovative Practice Award, 2019, by the Zero Project at the United Nations, Vienna, Austria.

• Founder Accolades: Nitin Bindlish was honoured as the Social Entrepreneur of the Year 2023 and featured in the “BW 40 under 40” list.

Outreach and Awareness:

• Community Engagement: The company conducts community awareness programs, social media campaigns, and webinars to reduce stigma and promote early identification of NDDs.

• Training Programs: Large-scale training programs are initiated for frontline workers like ASHA and ANM workers to strengthen early identification of neurodivergent children.

• Professional Collaboration: The company actively conducts Continuing Medical Education (CME) programs for paediatricians and child health professionals to build a strong referral network.

Industry Outlook

The Indian market for intervention services for Neurodevelopmental Disorders (NDDs) is poised for significant growth. The sector is driven by a rising incidence of neurological and developmental conditions, coupled with increasing awareness among parents and caregivers. Innovations in therapy techniques and assistive technologies are further boosting market demand.

• Market Drivers: Key growth drivers include growing investments in healthcare infrastructure, expanding access to specialized care, and an increasing focus on early intervention. Government initiatives and a gradual reduction in stigma are also contributing to more families seeking professional help for conditions like Autism, ADHD, and Cerebral Palsy.

• Growth Prospects: The industry is expected to witness a robust Compound Annual Growth Rate (CAGR) in the coming years. The market is characterized by a shift towards comprehensive, multidisciplinary care models. The rising prevalence of NDDs, combined with a growing middle class and increased healthcare spending, will fuel market expansion. Additionally, the adoption of digital health platforms and e-therapy services is creating new avenues for growth, enabling providers to reach remote and underserved populations, further accelerating the market’s trajectory. (Source: CARE Report referenced in DRHP)

How Will Rays of Belief Limited Benefit

• By being India’s first enterprise in terms of number of NDD centres, the company is poised to capture a significant share of the growing market as awareness and demand for specialised care increase.

• The company’s established pan-India presence, particularly in Tier 2 and Tier 3 cities, allows it to tap into large, underserved communities, creating a first-mover advantage in these geographies.

• With a proven track record of scalable operations through a lease-based model, the company can efficiently execute its expansion plans, leveraging the IPO proceeds to establish 414 new centres.

• The company is well-positioned to benefit from the rising demand for affordable and accessible care, as its focus on value and a unique insurance plan makes its services more attainable for a wider demographic.

• As the industry moves towards multidisciplinary care, the company’s comprehensive, client-focused model, backed by a large team of clinical professionals, will be a key differentiator.

• The company’s R&D focus and digital adaptability allow it to integrate modern technology like AI/ML into its services, improving efficiency and outcomes, and staying ahead of industry trends.

• By expanding its global footprint into markets like the US, UAE, and UK, the company can diversify its revenue streams and tap into high-quality clinical talent and new client bases.

• The company’s strong brand recognition, supported by awards and community outreach, enhances its trustworthiness, which is crucial in the sensitive healthcare sector.

Peer Group Comparison

There are no comparable listed companies in India that engage in a business similar to that of the company. Accordingly, it is not possible to provide an industry comparison as per the DRHP.

Key Strategies for Rays of Belief Limited

Continued Expansion of Network with Focus on Cost Efficiencies

Rays of Belief Limited intends to continue expanding its geographic footprint by setting up new centres in new and existing cities. The company’s lease-based model will be leveraged to roll out new centres with optimal upfront investment, improving operational efficiency and profitability as it scales. The IPO proceeds will fund the establishment of 414 new centres between Fiscal 2027 and 2029.

Attracting and Retaining Qualified Clinical Professionals

Rays of Belief Limited aims to enhance its measures for recruitment, training, and retention of clinical professionals. As part of this strategy, the company will set up seven new “Upskilling Academies” to provide continuous training and development opportunities, fostering a culture of professional growth and maintaining high service excellence across its expanding network.

Continuance of R&D for Further Integration of Modern Technology

Rays of Belief Limited plans to leverage its data and integrate modern technologies like AI/ML into its therapy services. To advance this, the company will utilize IPO proceeds to set up six “Centres of Excellence and Research” (COERs). These centres will validate new approaches, improve service quality, and disseminate best practices across all operations.

Continue to Improve on Service Portfolio and Build on Value Leadership

Rays of Belief Limited will continue to enhance its value proposition by improving service offerings and introducing new programs. The company aims to drive enrolments and increase cross-sell by providing substantial value at affordable price points, strengthening its image as a holistic care provider for children with NDDs.

Continue to Grow Brand Awareness and Brand Loyalty

Rays of Belief Limited’s vision is to make the “Mom’s Belief” brand the most trusted therapy care provider in India. The company will continue its marketing activities through digital and conventional channels, as well as through its network of licensed professionals and healthcare providers, to further strengthen its brand and connect with its target audience.