Rays of Belief IPO - Listing Performance & Details

Rays of Belief was incorporated in August 2017 in Delhi, but the real story starts with a single therapy centre in Gurgaon in 2018. The company runs under the brand name Mom's Belief and works in one specific area — providing developmental and therapeutic care for children with Neurodevelopmental Disorders (NDDs). That means conditions like autism, ADHD, speech delays, and sensory processing difficulties.
The services span speech therapy, occupational therapy, and behavioural therapy. Each child gets an individualised plan — called an IEP or IGP — rather than a generic programme. The clinical team as of late 2025 had over 339 full-time professionals across the network.
What makes the model somewhat unusual is where the centres actually are. Of the 136 centres operating across 57 cities as of September 2025, 76 are in Tier 2 cities and 17 in Tier 3. That's a deliberate choice — families in smaller towns have historically had almost no access to this kind of care, and the company has positioned itself squarely in that gap. The network now covers 20 states and union territories.
The business runs on a lease model, which keeps upfront costs low and makes expansion easier to execute. Revenue grew from roughly ₹36.6 crore in FY25, with a CAGR of around 28% between FY23 and FY25. The LEGO Foundation invested $685K into the company in 2023, backing its work with families of neurodivergent children.
Nitin Bindlish, the Managing Director, has over 11 years in this sector and has been the driving force behind the expansion. The company has also acquired Mom's Belief US Inc., giving it three centres in Virginia, with UAE and UK on the roadmap.