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Artwork for Subtext by Zerodha

Subtext by Zerodha

Zerodha
China
India
Rupee
Reserve Bank Of India
Gift City
Special Economic Zones
Education In India
Labor Market
Copper
Microfinance
RBI
Monetary Policy
Artificial Intelligence
United States
Oil Market
Non-Deliverable Forward
Indian IT
Foreign Direct Investment
State Of Working India
Migration

Finance is full of noise. Everyone reacts to what just happened. We’re more interested in why it’s happening—and what lies beneath. Subtext is a series of conversations with people who have spent years thinking deeply about finance. Not necessarily the loudest voices, but those with real depth: traders who understand market structure, fund managers who have lived through multiple cycles, economist... more

PublishesWeeklyEpisodes19Founded4 months ago
Number of ListenersCategories
EntrepreneurshipBusinessInvesting

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Artwork for Subtext by Zerodha

Latest Episodes

We cover:

- Why Tamil Nadu became a magnet for Apple and global manufacturers

- How the PLI scheme differs from India's historical approach to industrial incentives

- The tension between central and state-level policy in shaping manufacturing out... more

We cover:

-Sell side vs. buy side: how each looks at quarterly results differently

-Should long-term investors even care about quarterly results?

-How to spot when management isn't telling the full truth — using numbers

-Cyclical vs. structural c... more

We cover:

-What is the repo rate and why can't banks just borrow from RBI forever?

-Why banks' cost of funds has become delinked from the policy rate

-How liquidity (not just the repo rate) drives real interest rates

-The role of capital markets ... more

We cover:

- Why 70% of earth is always covered by clouds — and why that breaks most satellite imagery businesses

- What synthetic aperture radar (SAR) is, and how it lets you see through clouds, fog, and even forests

- The $0 → launch journey: 5 y... more

Key Facts

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Recent Guests

Mausam Kumar
Post-doctorate researcher at Princeton; first industrial policy fellow at Harvard Kennedy School
Princeton University; Harvard Kennedy School
Episode: Mausam Kumar on the state of India’s industrial policy
Sagar Lele
Executive Director at Patterson Securities, veteran analyst with 14+ years in markets
Patterson Securities
Episode: Sagar Lele on how to read company results like an analyst
Amit Tripathi
CIO - Fixed Income, Nippon India Asset Management (former)
Nippon India Asset Management
Episode: Amit Tripathi on monetary policy and Indian banks
Suyash Singh
Co-founder and CEO of GalaxEye
GalaxEye
Episode: Suyash Singh on finding spaces in the space business
Tamal Bandyopadhyay
Senior banking journalist, expert on banking ecosystem
Genesmall Finance Bank (senior advisor)
Episode: Tamal Bandyopadhyay on microfinance industry cycle
Brad Setser
Senior fellow at the Council on Foreign Relations; widely read on global capital flows and trade imbalances
Council on Foreign Relations
Episode: Brad Setser on the dollar and the world's trade imbalance
Zohra Khan
CEO of IPEC India
IPEC India
Episode: Zohra Khan on the Indian EV infra industry
Amit Kumar Gupta
Industry expert on copper cycles
FinTech Capital / FinTech Capital for a while
Episode: Amit Kumar Gupta on copper supercycle
Aditya Shukla
Partner at Bain; leads financial investors private equity practice
Bain & Company
Episode: Decoding Bain's India Venture Capital report

Hosts

Kashish Kapoor
Host of Subtext with Zerodha; often introduces guests and guides discussion.
Pranav
Host of the podcast series; guides conversations with guests across finance and policy.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#243
India/Top Podcasts
Apple Podcasts
#10
India/Business/Entrepreneurship
Apple Podcasts
#41
India/Business

Talking Points

Recent interactions between the hosts and their guests.

Mausam Kumar on the state of India’s industrial policy
Q: How would you describe the center-state industrial policy relationship and the enablers in that dynamic?
The relationship is about national preconditions for growth that states operationalize through institutional architectures, reducing transaction costs and creating sector-specific endowments so investments can flow and be scaled locally.
Suyash Singh on finding spaces in the space business
Q: How does SpaceX factor into their roadmap and launch logistics for smaller teams?
SpaceX provides a transparent, milestone-based launch process similar to booking a ticket, with clear timelines and support from engineers, which helps a small company manage risk and plan around launch windows.
Suyash Singh on finding spaces in the space business
Q: What were the early strategic steps to build a SAR capability given cost and supply constraints?
The team first prototyped a miniaturized SAR on drones to validate the technology before attempting space-grade hardware, then gradually outsourced components while focusing on core sensor development and system integration.
Suyash Singh on finding spaces in the space business
Q: What catalyzed the shift to private space in India and how did GalaxEye come to be part of it?
The private space ecosystem grew after liberalization and policy reforms around 2020, which created a streamlined pathway for startups; GalaxEye was formed in 2021 to leverage those reforms and build an end-to-end Optosar system.
Amit Tripathi on monetary policy and Indian banks
Q: How does FCNR help banks fund deposits and manage balance sheets?
FCNR deposits allow banks to raise foreign currency deposits at competitive costs, with the RBI compensating for potential rupee depreciation, thereby boosting external funding and stabilizing liquidity to support credit growth.

Audience Metrics

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Listeners per Episode
Gender Skew
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Interests
Professions
Age Range
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Frequently Asked Questions About Subtext by Zerodha

What is Subtext by Zerodha about and what kind of topics does it cover?

This series centers on deep, data-driven conversations about finance, macroeconomics, markets, and policy, prioritizing underlying mechanisms over surface-level news. Episodes frequently dissect monetary transmission, funding dynamics for banks and non-banks, and the evolving interplay between capital markets and traditional lending. Guests span central bankers, macro strategists, senior journalists, policy researchers, and tech/infra leaders who bring practical insights into topics like regulatory shifts, private sector innovation, supply chains, and the global implications of India's growth story. A standout pattern is the focus on how policy, regulation, and structural changes shape investment environments, with real-world implications f... more

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Which podcasts are similar to Subtext by Zerodha?

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1. The Daily Brief
2. Daybreak
3. Moneycontrol Podcast
4. Finshots Daily
5. The Morning Brief

How many episodes of Subtext by Zerodha are there?

Subtext by Zerodha launched 4 months ago and published 19 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Subtext by Zerodha?

Recent guests on Subtext by Zerodha include:

1. Mausam Kumar
2. Sagar Lele
3. Amit Tripathi
4. Suyash Singh
5. Tamal Bandyopadhyay
6. Brad Setser
7. Zohra Khan
8. Amit Kumar Gupta

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