Whalesbook
Toh bhaiyo aur behno, Rays of Belief, jo NDD disorders waale bacchon ke liye Mom's Belief chalaati hai, ab bade plan mein hai. Inhone haal hi mein Myong Zin Park se ₹2.3 crore ka funding secure kiya hai, woh bhi ₹622 crore ke mast valuation par. SEBI ne bhi IPO ke liye green signal de diya hai, aur naya prospectus bhi file kar diya hai. Ab yeh log ₹174 crore ka IPO laane wale hain, jisme 60 lakh naye shares issue honge.
Ab yeh jo paisa aa raha hai, pre-IPO aur IPO se, woh sab expansion ke liye use hoga. India mein naye centers aur tech ke liye ₹57.6 crore rakhe hain. Jo existing centers hain India mein unke liye lease payment mein jayenge ₹14.4 crore. US mein jo Mom's Belief US Inc. hai, unki expansion ke liye bhi ₹10.1 crore denge lease aur licenses ke liye. US wale acquisition se toh inko pehle 6 mahine mein hi ₹20.59 crore ki revenue mil gayi thi, wahan se cross-selling bhi badhayenge. Brand awareness aur outreach ke liye bhi ₹10.2 crore alag rakhe hain. Baaki ka paisa future acquisitions aur general company needs ke liye hoga.
Yeh ₹622 crore ka valuation kafi bada lag raha hai, khaas kar jab FY25 mein inki revenue sirf ₹36.6 crore thi. Lekin NDD sector mein kaafi scope hai, India mein iska market lagbhag ₹5,246 crore ka hai aur developmental delays therapy toh 11% saalana badh rahi hai. Plan toh yeh hai ki FY27 se FY29 ke beech 414 naye centers kholne hain, woh bhi asset-light model se jisme jaldi breakeven ho jaata hai, bas 8-12 mahine lagte hain.
NDD care market abhi kaafi badh raha hai aur thoda fragmented bhi hai. Rays of Belief ko Behavioral Health Works, Heba, aur Aris4Autism jaisi companies se competition milta hai. Lekin Mom's Belief ka unique point hai inka standardized approach aur asset-light strategy, khaas kar Tier-2 aur Tier-3 cities par focus karna jahan cost kam lagti hai. 2025 mein healthcare IPOs ki market bhi kaafi active rahi, kuch ne accha perform kiya, toh kuch ne nahi.
Par bhai, sab kuch itna hi smooth nahi hai. Sabse bada sawaal hai yeh ₹622 crore ka valuation jab FY25 ki revenue sirf ₹36.6 crore thi. Yeh sector ke liye kaafi high multiple lag raha hai. Agar IPO funds nahi mile ya execution mein dikkat aayi toh mushkil ho sakti hai. Asset-light model mein bhi ongoing costs rehti hain. Aur haan, NDD sector mein specialized staff ki kami hai, jisse costs badh sakti hain aur profit margins par pressure aa sakta hai. H1 FY26 mein EBITDA margin 10.08% tak badhi thi, lekin abhi bhi growth ko profit mein badalne par kaam karna padega.
Company ka goal hai ki India ka pehla listed, scaled neurodevelopmental care platform bane. Yeh log asset-light model, expansion, aur brand building par focus kar rahe hain. FY29 tak 414 naye centers ka plan dikhata hai ki management ko market par bharosa hai. IPO se milne wala paisa Centre of Excellence aur Research, aur training academies mein bhi lagega taaki staff ki kami ko dur kiya ja sake. Sabse important hai ki diagnosis rates badh rahe hain aur awareness bhi aa rahi hai, toh demand toh bani rahegi.