Rays of Belief acquires City Pro Group for $2M to expand US pediatric services
- Rays of Belief acquires 100% of City Pro Group for $2M via US subsidiary
- City Pro reported FY25 revenue of $11.43M (~₹97.27 Cr)
- Deal strengthens US pediatric developmental care presence
- Creates two-way capability exchange with India's 136-centre network
*this image is generated using AI for illustrative purposes only.
Rays of Belief Limited has acquired 100% equity in City Pro Group Inc for $2 million through its wholly owned subsidiary, Mom's Belief US Inc. The transaction, completed on September 18, 2026, makes City Pro a step-down subsidiary of the Indian listed entity.
The acquisition aims to strengthen the group’s footprint in the United States healthcare sector, specifically in pediatric developmental and special education services. City Pro Group Inc operates clinics across New York, including the Bronx, Brooklyn, Manhattan, and Long Island.
Transaction Details
The deal was executed as a cash consideration transaction. No governmental or regulatory approvals were required for the acquisition. The Company Secretary, Mayank Bhargava, confirmed that the acquisition does not constitute a related-party transaction and that promoters hold no interest in the target entity.
Target Profile
City Pro Group Inc, incorporated on July 14, 1995, is a New York State Department of Health-approved Early Intervention Program provider. It delivers services primarily under contracts with New York State, the New York City Department of Education, and Long Island school districts.
| Financial Metric | Value |
|---|---|
| Paid-up Capital (as on June 30, 2026) | $100 |
| Turnover (Year ended June 30, 2025) | $11,432,394.52 |
| Turnover (Year ended June 30, 2024) | $11,406,380.82 |
| Turnover (Year ended June 30, 2023) | $9,713,036.83 |
Strategic Significance
Rays of Belief Ltd reported FY26 consolidated revenue of ₹81.66 Cr, while City Pro Group reported FY25 revenue of US$11.43 Mn (~₹97.27 Cr). The acquisition brings together two established revenue-generating platforms, significantly enhancing the Group's scale and positioning it for a meaningful increase in consolidated revenue as the businesses are integrated.
The deal expands Mom's Belief's U.S. operating footprint through an established local platform and adds Early Intervention and special education capabilities to the Group's international healthcare platform. It also creates a structured platform for cross-border knowledge sharing between India and the U.S., providing an opportunity to strengthen the Group's 136-centre Indian network through relevant clinical and operating practices.
What the Numbers Show
City Pro Group Inc demonstrated revenue stability between fiscal years 2024 and 2025, with turnover remaining nearly flat at approximately $11.4 million. This follows a sharper growth phase from 2023 to 2024, where revenue increased by roughly $1.7 million. The acquisition price of $2 million represents a multiple of less than two times the target’s trailing twelve-month turnover.
Historical Stock Returns for Rays of Belief
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.07% | -0.48% | -6.32% | -6.32% | -6.32% | -6.32% |
How will Rays of Belief plan to integrate City Pro's U.S. operational practices with its 136-centre Indian network to drive cross-border efficiency?
Given the low acquisition multiple of less than two times turnover, what specific synergies or cost-saving measures are expected to justify the investment for Indian shareholders?
Will Rays of Belief pursue further M&A activity in the U.S. special education sector, or is this acquisition intended as a standalone strategic foothold?
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