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Business News›Tech›Newsletters›Morning Dispatch›ETSA winner Theranautilus heads to human trials; JSW One’s IPO plans

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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



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 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





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:

• 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.

Business snapshot:

• 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





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:

• 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.

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