Latest News | BIZ-MOM'S BELIEF Mom's Belief to Invest Rs 100 Crore in Two Years for Network Expansion
Get latest articles and stories on Latest News at LatestLY. Mom's Belief, a company engaged in running centres for neurodivergent children, is targeting to invest Rs 100 crore for network expansion over the next two years, the company's India head Ravi Shekhar Singh said on Tuesday.
Mumbai, Apr 25 (PTI) Mom's Belief, a company engaged in running centres for neurodivergent children, is targeting to invest Rs 100 crore for network expansion over the next two years, the company's India head Ravi Shekhar Singh said on Tuesday.
Without divulging the name of the investor, Singh said the company has got a commitment from a venture capital investor to infuse up to USD 15 million for a minority stake.
Singh said it can do without the external investor as well because internal accruals may be sufficient to fund the investments. Even if it takes the external investor on board, the funding will be in stages.
In FY23, its overall revenues stood at USD 2.8 million or nearly Rs 23 crore, and it is targeting to increase the same to USD 4.7 million or nearly Rs 40 crore in FY24, Singh said.
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At present, all of its 75 centres are cash positive but the company is yet to achieve break-even because of its investments in development and network expansion.
The company plans to utilise the funding for taking the number of centres to 500 in the next two years, and will also invest in opening schools and audio centres.
At present, there are 80 lakh children with special needs in India as per some estimates, Singh said, adding that the number is much higher on the ground.
Typically, each of the centre is spread over 1,500 square feet and breaks even in three months, Singh said, adding that it also has the option of cutting its losses if it sees cash burn in the case of a centre.
A group of professionals and high net worth investors has also evinced interest to invest in the company, Singh said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)