Mom's Belief raises $13M in India IPO to fund autism-care expansion
What's the deal? Rays of BeliefDealroom has a profile for this one. Try Dealroom →, the Indian firm behind the Mom's BeliefDealroom has a profile for this one. Try Dealroom → brand for children with neurodevelopmental disorders, raised US$17M in a mainboard IPO. The issue was priced between 227 and US$3.25 per share and was entirely a fresh issue, with no offer for sale, meaning all proceeds go to the company.
Why now? The offer opened on September 1, 2026, closed on September 3, and listed on September 8. It followed the company's 2024 conversion into a public entity, when it changed its name from Rays of Belief Private Limited.
What's the endgame? Founded in 2017, Rays of Belief runs a distributed network of centres and digital programs for children with autism, ADHD, and developmental delays. It describes its model as "asset-light," expanding through leased premises and partnerships with paediatricians and schools rather than owned real estate.
The company has scaled its footprint quickly, launching 48 new centres in 2024 alone. In 2025, it made its first overseas investment in the United States, forming Mom's Belief US Inc. and a step-down subsidiary, Allergy & Immunology Virginia, LLC.
By the numbers: Total revenue rose from US$4.18M in FY2024 to US$4.96M in FY2025, then to US$11.1M in FY2026. Profit after tax reached US$115.4K in FY2024 and US$798.5K in FY2025, before easing to US$673.6K in FY2026, with the margin falling from 16.10% to 6.04%.
The signal: A mainboard listing for a specialist children's health provider tests investor appetite for India's care-services sector. With a growing revenue base and early overseas expansion, Rays of Belief is betting public capital can fund a shift from a national to a cross-border operator.
Read more: multibagg.ai
Image credit: Generated with Gemini
