Podcast · Tech & Science
by Zerodha · English · Tech & Science
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:…
2 Oct 2026 · 1 hr 40 min
In this episode, Pranav and Bhuvan sit down with Sidu Ponnappa, co-founder of realfast and former engineering head at Gojek, to understand how AI agents are fundamentally rewiring organizations and the IT services industry.
E25 · 17 Sep 2026 · 1 hr 9 min
In this episode, Pranav sits down with Avantika Goswami and Trishant Dev from the Centre for Science and Environment to discuss why industrializing and decarbonizing simultaneously is the hardest problem the developing world has ever been asked to solve.
E24 · 10 Sep 2026 · 1 hr 13 min
E23 · 5 Sep 2026 · 1 hr 37 min
In this episode, Kashish and Vishvesh sit down with Mudit Narain, co-founder of Voltseal, to understand the mechanics of India's electricity grid and how batteries are solving the intermittency of renewable energy.
E22 · 27 Aug 2026 · 1 hr 52 min
In this episode, Pranav sits down with Dr. Rohit Chandra, Assistant Professor at IIT Delhi, to understand the political economy and history shaping India’s past, present, and future energy sectors.
E21 · 20 Aug 2026 · 51 min
In this episode, Kashish sits down with Rajashree Murukute, Senior Director at CARE Ratings, to understand why India’s municipal bond market hasn't taken off and what it will take to mature.
E20 · 13 Aug 2026 · 1 hr 8 min
In this episode of Subtext by Zerodha, Pranav sits down with Arpit Tandon, Director of AI Strategy at CGI, to understand what AI really means for the Indian IT industry.
E19 · 5 Aug 2026 · 1 hr 38 min
In this episode, Pranav Manie sits down with Mausam Kumar, post-doctoral researcher at Princeton, former industrial policy fellow at Harvard Kennedy School, and PhD from IIT Bombay to unpack how India’s industrial policy really works, what the role of individual states is in the process, who drives the finance it needs, and how it interacts with external factors like China.
E18 · 29 Jul 2026 · 1 hr 30 min
In this episode of Subtext, host Kashish sits down with Sagar Lele, Executive Director at Paterson Securities, to break down one of the most intimidating yet essential skills in finance: decoding quarterly earnings. From navigating investor presentations and spotting structural shifts to building mental frameworks that separate signal from noise, this conversation strips away the jargon and explains, from an insider's perspective, how to truly read the pulse of corporate India.
E17 · 23 Jul 2026 · 53 min
In this episode of Subtext, host Kashish sits down with Amit, CIO of Fixed Income at Nippon India to break down one of the most misunderstood concepts in Indian finance: monetary policy transmission. From repo rates and CASA ratios to liquidity dynamics, FCNR deposits, and the future of securitization in Indian banking, this conversation strips away the jargon and explains, from first principles, how money moves through the Indian economy.
E16 · 20 Jul 2026 · 1 hr 13 min
In this episode, we sit down with the founder of GalaxEye to explore one of the most audacious bets in Indian deep tech: building a satellite that can see through clouds. We go deep on the technology behind Optical SAR (OptiSAR) — a fusion of multi-spectral imaging and synthetic aperture radar — and why consistent, all-weather satellite imagery could be as transformative as GPS.
E15 · 8 Jul 2026 · 42 min
In this episode of Subtext, I sit down with Tamal Bandyopadhyay — veteran banking journalist and senior advisor at Jana Small Finance Bank — to unpack the microfinance credit crisis of 2023–24.
E14 · 22 Jun 2026 · 1 hr
E13 · 17 Jun 2026 · 1 hr 8 min
E12 · 9 Jun 2026 · 48 min
In this episode, we sit down with Amit Kumar Gupta from FinTrekk Capital to break down the copper market — from AI-driven demand and falling ore grades to the value chain dynamics between miners, smelters, and downstream players. We also explore India's copper story, the Sterlite plant shutdown, and how retail investors can play the copper theme. Amit Kumar Gupta - https://x.com/amitgupta0310
E11 · 4 Jun 2026 · 1 hr 27 min
India's venture capital market is maturing - but are we asking the right questions? In this episode, we sit down with Aaditya Shukla and Aaditya Muralidhar from Bain & Company, co-authors of the annual India VC Report, to go beyond the headlines and into the nuance.
E10 · 27 May 2026 · 58 min
The rules-based world trade order is fracturing — and India needs a strategy. In this episode, we sit down with Ajay Srivastava, founder of the Global Trade Research Initiative and veteran of India's Trade Service, to make sense of what's happening in global trade and what it means for India.
E9 · 19 May 2026 · 42 min
In this episode, Kashish sits down with Rosa Abraham and Dr. Tamoghna Halder (professors at Azim Premji University) to discuss the State of Working India Report 2026 — a deep dive into India's labour market and what it means for the country's youth.
E8 · 8 May 2026 · 42 min
E7 · 4 May 2026 · 1 hr 30 min
E6 · 30 Apr 2026 · 1 hr 4 min
E5 · 22 Apr 2026 · 50 min
E4 · 15 Apr 2026 · 38 min
E3 · 13 Apr 2026 · 36 min
E2 · 9 Apr 2026 · 40 min
E1 · 7 Apr 2026 · 1 hr 9 min
Most commentary on China operates at a surface level. Xi Jinping is authoritarian, the economy is state-directed, and the Communist Party controls everything. That's all true, but it doesn't actually help you understand why specific things happen the way they do. Manoj Kewalramani is one of the few Indian analysts who can go deeper than that. He's a China Studies research fellow at the Takshashila Institution, speaks Mandarin, and spent years living in China. In this conversation, we try to understand the country as it actually is, not as the headlines describe it. We get into some genuinely…
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, economists tracking India’s macro story, regulators shaping capital markets, founders building financial infrastructure, and VCs backing these companies.
Subtext by Zerodha is a English tech & science podcast from Zerodha. Melo plays each episode straight from the publisher's own feed — no ads added, no account needed — and remembers where you stopped, in this browser only.
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