 Morning Dispatch |
ETSA winner Theranautilus heads to human trials; JSW One’s IPO plans
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Happy Friday! Theranautilus is set to begin human trials of its nanorobot-based dental tech soon. This and more in today’s ETtech Morning Dispatch.
Also in the letter:
■ Inside Semicon 2026
■ MDR worries new-age brokers
■ Practo’s new CEO
.jpg "Theranautilus_ETSA (1)")
Bengaluru-based deeptech startup Theranautilus will begin human trials of its nanorobot-based dental technology in November-December, starting with about 30 patients in the first phase.
The startup won the Top Innovator category at The Economic Times Startup Awards 2026 for this work.
Driving the news: The trials will be followed by a 300-patient multicentric trial as the company moves toward commercialisation, cofounder and CEO Peddi Shanmukh Srinivas told ET.
The human trials will commence after the company secures permission from the Central Drugs Standard Control Organisation (CDSCO). Theranautilus has already conducted trials in mice for its oral-health application.
What the technology does: Theranautilus is developing magnetically controlled nanorobots that can be remotely guided inside the body for targeted drug delivery, diagnostics and treatment. Its first commercial application focuses on dental care, specifically treating tooth sensitivity caused by enamel loss and gum recession.
Commercialisation: "We are very hopeful that maybe within two years, at least for oral health, the solution should become commercial. Oncology will take time, but we can definitely see commercialisation within the next four to five years," he said.
Srinivas added that nanorobotics is still an emerging global field, with research groups across countries working to crack the technology. Theranautilus is at a promising stage of development, he said.
Gaurav Sachdeva, CEO, JSW One Platforms
JSW One Platforms plans to file draft papers with Sebi for a Rs 3,000-crore IPO in the next two to three weeks. The JSW Group’s business-to-business ecommerce company is expected to raise Rs 1,300-1,500 crore in fresh capital and target a listing in the first quarter of FY28.
IPO details:
Geetansh Bamania, founder and CEO, Rentomojo
Furniture and appliance rental platform Rentomojo made a strong debut on Dalal Street on Thursday, with its shares listing at a nearly 19% premium over the IPO price of Rs 404. The stock closed 31.92% higher at Rs 532.95.
IPO demand: The debut follows robust demand for Rentomojo’s Rs 1,256 crore IPO, which was subscribed 72.87 times. The QIB (qualified institutional buyer) portion was subscribed 177.3 times, while the non-institutional investor (NII) and retail portions were subscribed 67.92 and 15.58 times, respectively.
Investor returns:
: Prime Minister Narendra Modi addresses the inauguration....jpg "New Delhi, Sep 17 (ANI): Prime Minister Narendra Modi addresses the inauguration...")
Prime Minister Narendra Modi addresses the inauguration of Semicon India 2026, in New Delhi on Thursday.
India is taking every step needed to become a preferred destination for the semiconductor industry at a time when the world is looking for new and trusted manufacturing destinations, prime minister Narendra Modi said while inaugurating Semicon India 2026 on Thursday.
New facilities: The PM also virtually launched Suchi Semicon's Rs 868 crore facility near Surat and CDIL's expansion of its existing facility in Mohali, Punjab.
Quote, unquote: "India is the Mother of Democracy. Just a few years ago, our Constitution completed 75 years. When such a country succeeds in a critical industry, it strengthens the entire world's supply chain. And today, when supply chains are being weaponised, its importance increases even more,” he said.
Mark Papermaster, CTO, Advanced Micro Devices
AMD, the $837-billion US chipmaker that has emerged as Nvidia’s most significant challenger in the AI accelerator market, is advocating for responsible development of AI with clear guardrails.
Mark Papermaster, AMD’s chief technology officer and executive vice president, told us in an interview on the sidelines of Semicon 2026 that the speed at which AI capabilities are arriving makes safety and pacing especially important.
Verbatim: "The difference with AI, when you think about it versus other disruptive new technology is the speed at which these new capabilities are coming on board," he explained. "And so this is driven by the frontier model companies, creating these very highly capable, very large language models, and they have called for potentially slowing down to ensure safety.”
New-age brokers write to Sebi on UPI MDR: New-age stockbrokers including Groww, Zerodha, Upstox, and Angel One are planning to write to Sebi (Securities and Exchange Board of India), raising concerns about the MDR (merchant discount rate) on UPI transfers to broking accounts, people familiar with the matter told ET.
Practo appoints Jagnoor Singh as CEO: Digital healthcare platform Practo has appointed Jagnoor Singh as chief executive, while founder Shashank ND has moved into the role of managing director and executive chairman.
Global Picks We Are Reading
■ The era of AI warfare has arrived (FT)
■ Playing both sides of the US-China AI “Cold War” (Rest of World)
■ Robots are asking for tips. But who actually gets the money? (BBC)
Also in the letter:
■ Inside Semicon 2026
■ MDR worries new-age brokers
■ Practo’s new CEO
ET Startup Awards 2026: Theranautilus’ nanorobots will be ready for human trials by year-end
Bengaluru-based deeptech startup Theranautilus will begin human trials of its nanorobot-based dental technology in November-December, starting with about 30 patients in the first phase.
The startup won the Top Innovator category at The Economic Times Startup Awards 2026 for this work.
Driving the news: The trials will be followed by a 300-patient multicentric trial as the company moves toward commercialisation, cofounder and CEO Peddi Shanmukh Srinivas told ET.
The human trials will commence after the company secures permission from the Central Drugs Standard Control Organisation (CDSCO). Theranautilus has already conducted trials in mice for its oral-health application.
What the technology does: Theranautilus is developing magnetically controlled nanorobots that can be remotely guided inside the body for targeted drug delivery, diagnostics and treatment. Its first commercial application focuses on dental care, specifically treating tooth sensitivity caused by enamel loss and gum recession.
Commercialisation: "We are very hopeful that maybe within two years, at least for oral health, the solution should become commercial. Oncology will take time, but we can definitely see commercialisation within the next four to five years," he said.
Srinivas added that nanorobotics is still an emerging global field, with research groups across countries working to crack the technology. Theranautilus is at a promising stage of development, he said.
JSW One plans to file Rs 3,000-crore IPO papers
JSW One Platforms plans to file draft papers with Sebi for a Rs 3,000-crore IPO in the next two to three weeks. The JSW Group’s business-to-business ecommerce company is expected to raise Rs 1,300-1,500 crore in fresh capital and target a listing in the first quarter of FY28.
IPO details:
- JSW Steel and JSW Cement will be major selling shareholders, together selling a stake worth more than Rs 900 crore, per regulatory filings.
- Fresh capital is expected to fund technology, customer acquisition, geographic and distribution expansion, private labels and the financing business.
- JSW One recorded gross merchandise value of Rs 18,500 crore, revenue of Rs 5,300-5,400 crore and net profit of Rs 90 crore in FY26.
- The business grew around 50% year on year in the June quarter, reporting Ebitda of Rs 22 crore and net profit of around Rs 14 crore.
- JSW One competes with Infra.Market and OfBusiness in industrial and construction-material commerce, while its procurement, financing, logistics and processing operations overlap with Zetwerk.
- Its working-capital cycle is six days, while 40% of gross merchandise value involves credit. A significant portion of purchases and sales involves JSW group companies.
Accel-backed Rentomojo lists on Dalal Street at 19% premium
Furniture and appliance rental platform Rentomojo made a strong debut on Dalal Street on Thursday, with its shares listing at a nearly 19% premium over the IPO price of Rs 404. The stock closed 31.92% higher at Rs 532.95.
IPO demand: The debut follows robust demand for Rentomojo’s Rs 1,256 crore IPO, which was subscribed 72.87 times. The QIB (qualified institutional buyer) portion was subscribed 177.3 times, while the non-institutional investor (NII) and retail portions were subscribed 67.92 and 15.58 times, respectively.
Investor returns:
- At Thursday’s closing, Accel's stake was worth Rs 712 crore after it sold shares worth Rs 317 crore, taking its overall returns to around 12x.
- Chiratae Ventures sold shares worth Rs 193 crore in the offer for sale. This takes Chiratae's returns to around 7x.
India to become world's preferred destination for semiconductors: PM Modi
India is taking every step needed to become a preferred destination for the semiconductor industry at a time when the world is looking for new and trusted manufacturing destinations, prime minister Narendra Modi said while inaugurating Semicon India 2026 on Thursday.
New facilities: The PM also virtually launched Suchi Semicon's Rs 868 crore facility near Surat and CDIL's expansion of its existing facility in Mohali, Punjab.
Quote, unquote: "India is the Mother of Democracy. Just a few years ago, our Constitution completed 75 years. When such a country succeeds in a critical industry, it strengthens the entire world's supply chain. And today, when supply chains are being weaponised, its importance increases even more,” he said.
With great AI velocity comes greater safety risks: AMD CTO
AMD, the $837-billion US chipmaker that has emerged as Nvidia’s most significant challenger in the AI accelerator market, is advocating for responsible development of AI with clear guardrails.
Mark Papermaster, AMD’s chief technology officer and executive vice president, told us in an interview on the sidelines of Semicon 2026 that the speed at which AI capabilities are arriving makes safety and pacing especially important.
Verbatim: "The difference with AI, when you think about it versus other disruptive new technology is the speed at which these new capabilities are coming on board," he explained. "And so this is driven by the frontier model companies, creating these very highly capable, very large language models, and they have called for potentially slowing down to ensure safety.”
Other Top Stories By Our Reporters
New-age brokers write to Sebi on UPI MDR: New-age stockbrokers including Groww, Zerodha, Upstox, and Angel One are planning to write to Sebi (Securities and Exchange Board of India), raising concerns about the MDR (merchant discount rate) on UPI transfers to broking accounts, people familiar with the matter told ET.
Practo appoints Jagnoor Singh as CEO: Digital healthcare platform Practo has appointed Jagnoor Singh as chief executive, while founder Shashank ND has moved into the role of managing director and executive chairman.
Global Picks We Are Reading
■ The era of AI warfare has arrived (FT)
■ Playing both sides of the US-China AI “Cold War” (Rest of World)
■ Robots are asking for tips. But who actually gets the money? (BBC)
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