Subtext by Zerodha

Zerodha
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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.

  1. 3h ago

    Suyash Singh on finding spaces in the space business

    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 years of R&D, drone testing, and programme management - How GalaxEye miniaturised its sensor stack and tested it on drones before going to space - The real customers for satellite data (hint: it's not farmers — yet) - What it's actually like to book a launch on SpaceX and ship a satellite from Bangalore to Florida - India's space policy reforms and the rise of IN-SPACe - The one metric India's space ecosystem isn't tracking — but should be If you've ever been curious about what it takes to send something into orbit and build a business around it, this one's for you.   Timestamp:  0:00 Introduction 2:29 Why Would Anyone Start a Space Business? 4:02 The Origin Story 11:33 The Big Idea: Opto-SAR & Consistent Satellite Imagery 23:44 What You Can Unlock by Combining SAR + Optical 27:26 India's Space Policy Reform & The Rise of IN-SPACe 33:13 Building the Satellite: 5 Years from Idea to Orbit 46:50 Funding a Deep Tech Startup Before Revenue 52:13 How R&D Should Work in Indian Industry 47:06 The Real Challenges of Operating in Space 51:10 Booking a Launch with SpaceX 55:11 The Emotional Reality of Launch Day 1:06:44 Mapping India's Space Industry: Where We Stand 1:10:56 GalaxEye's Long-Term Vision

  2. Jul 8

    Tamal Bandyopadhyay on microfinance industry cycle

    We discuss how RBI's 2022 interest rate deregulation gave lenders a freedom they arguably misused, why borrowers ended up with 14 loans simultaneously, how the JLG model is collapsing in the digital age, and what investors should actually look for before betting on an MFI stock.   If you want to understand credit cycles from first principles, this one's for you.   Video Mentioned - Has the microfinance credit cycle turned? | Who said what? S2E37 0:00 Introduction 1:38 What is Microfinance? (RBI Definition & Categories) 6:16 Why Microfinance is Prone to Credit Cycles 16:12 The Role of Fintechs & Hidden Credit Exposure 21:15 JLG Model Breakdown & Digitization 25:42 Interest Rate Deregulation & the Recent Credit Crisis 34:42 What Investors Should Look For in MFI Lending 40:07 The Future of MFI: Business Correspondents & New Models

  3. Jun 22

    Brad Setser on the dollar and the world's trade imbalance

    Brad W. Setser, Senior Fellow at the Council on Foreign Relations and one of the most respected voices on global capital flows, joins us for a wide-ranging conversation on what is driving the dollar today, why China's export boom is a problem for the whole world, and what happens if the AI bubble bursts. Timestamp:  0:00 – Introduction 2:38 – History of Dollar Strength & What Drives It 5:26 – AI & Private Capital Flows into the US 9:08 – Strait of Hormuz Crisis & Oil Markets 12:49 – UAE Leaving OPEC: What It Signals 15:21 – Why Surplus Countries (China, Korea, Taiwan) Keep Buying Dollars 19:23 – Origins of Export-Led Growth: Asia's Dollar Accumulation 27:38 – What Should China Do to Fix Its Imbalances? 34:24 – Is Export-Led Growth Still Viable? 39:31 – Deglobalization: Is It Actually Happening? 45:45 – Trump-Xi Summit: Who Has the Leverage? 48:44 – Trump's Industrial Policy vs. Biden's CHIPS Act 52:42 – Brad's Experience Translating Research into Policy 56:07 – How Countries Creatively Reroute Trade & Hide Capital Flows

  4. Jun 17

    Zohra Khan on the Indian EV infra industry

    In this episode of Subtext, we sit down with Zohra Khan, CEO & Founder of IPEC India - a power electronics company building EV chargers for the Indian market. We cover: How EV chargers actually work and why they need to be customised for each vehicle brand Why India's power grid is both a challenge and an opportunity for EV adoption The push to standardise charging connectors and protocols for two-wheelers (Think EV version of USB-C) Why German and Chinese chargers often fail in Indian conditions - and how IPEC builds for that The semiconductor supply chain problem and India's path to self-reliance What's coming in FY2027: bidirectional charging, 2x growth, and new product launches A deep dive into the infrastructure powering India's EV revolution. Linkedin: https://www.linkedin.com/in/zohra-khan-889a8a14a/ Time Stamps: 0:00 – Introduction to IPEC & Zohra's Background 2:46 – How EV Chargers Work & What Differs Across OEMs 5:34 – Bottlenecks for EV End Consumers (Home vs Public Charging) 9:29 – Charging Protocols & Standardisation (CCS2, OCPP, OCPI) 11:49 – The LEAF Consortium & Two-Wheeler Standardisation Efforts 14:36 – AI & Innovation in EV Charging (Miniaturisation, Bidirectional Charging) 22:11 – Indian Power Grid & DISCOM Challenges 27:54 – Single Phase vs Three Phase for Home EV Charging 31:00 – Transformer Bottlenecks & Dynamic Load Management 34:03 – Why Indian-Made Chargers Outperform Foreign Ones 43:39 – Supply Chain & Localisation: What's Hard to Make in India 57:28 – Risk of OEM Backward Integration 63:23 – IPEC's Vision & What's Ahead for FY2027

  5. Jun 9

    Amit Kumar Gupta on copper supercycle

    0:00 Introduction 2:10 History of Copper Rallies (Last 25 Years) 2:22 China Industrialization Demand Shock (2000–2007) 4:48 Current Cycle: AI, EVs & Electrification 5:50 Falling Ore Grades — The Structural Supply Problem 7:14 Why Supply Takes So Long to Catch Up (5–15 Years) 13:48 Who Profits Most When Copper Prices Rise? 22:03 Global Mining Consolidation (Glencore, Rio Tinto, BHP) 25:11 Environmental Constraints on Copper Mining 27:33 CBAM & the Green Copper Future 30:19 India's Listed Copper Companies 32:47 How to Play the Copper Theme (Portfolio Strategy) 37:41 Sterlite Shutdown & India Becoming a Net Importer 42:44 Adani's Copper Plant Timeline (2029–2031) 46:01 India's Long-Term Mining Strategy

  6. Jun 4

    Decoding Bain's India Venture Capital report

    📄 Read the Bain India VC Report 2026 to dig into the data behind this conversation - India Venture Capital Report 2026 | Bain & Company  0:00 Introduction 3:55 About the Bain VC Report 6:08 How the Data Is Sourced 11:16 Who Funds Indian VC — Global vs Domestic LPs 13:00 Why Family Offices Are Betting on VC 15:03 The 2020–22 Vintage Problem 20:48 How the VC Ecosystem Has Matured Since 2021 27:49 VC vs Family Office — What Founders Should Know 34:37 What Goes Wrong in Founder-Investor Relationships 40:12 Best Sectors to Build in for the Next 10 Years 46:25 What India's Startup Ecosystem Is Missing 57:24 Is Entrepreneurship Spreading Beyond Top Cities? 1:00:26 2025's Surprise: VC Grew While Broader PE Cooled 1:01:46 Is Global Macro Affecting Indian VC? 1:05:08 Where Private Valuations Are Correcting 1:06:46 Quick Commerce & Shifting Consumer Behaviour 1:08:44 VCs Betting on Physical Businesses 1:20:18 AI's Impact on Software & Enterprise 1:23:14 Will AI Replace or Assist? A Measured Take 1:25:38 Bain vs Bain Capital — Are They the Same?

  7. May 27

    Ajay Srivastava on India's place in the chaos of world trade

    In this episode we explore: How Trump's tariffs reshaped the global order — and why every major economy (except China) surrendered The Supreme Court ruling on tariffs and what it means for India's ongoing US trade deal negotiations Section 301 investigations: naked bullying or legitimate trade pressure? India's energy sovereignty dilemma — should we have continued buying Russian oil? Why India's trade agreements are peripheral — and what actually drives export competitiveness The product gap: why India excels at assembly but falls short on deep manufacturing China's $110B+ trade surplus with India — a problem of low exports, not high imports WTO's slow death and the shift toward coalition-based trade rules What India must do: reverse engineering, anchor firms, and plug-and-play industrial clusters This conversation spans India's trade history from the pre-liberalisation era to today — and makes the case that trade deals are the periphery; the real battle is product development and industrial depth. Chapters: 0:00 – Intro & teaser highlights 0:48 – The fracturing of the rules-based trade order 1:56 – Guest intro: Ajit Singh (GTRI) 3:16 – Trump's biggest contribution to trade literacy 4:32 – Why every major economy surrendered to Trump 6:45 – India's strategy in a fragmented world 9:23 – Recap: One year of Trump tariffs 15:42 – India's sovereignty dilemma: Russian oil & the US trade deal 20:32 – India's FTAs: 23 agreements and what they actually achieve 28:20 – Trade deals are peripheral — product quality is what matters 37:05 – India–China trade: $110B deficit explained 40:48 – What India must prioritise to become competitive 45:38 – The WTO: history, decline, and uncertain future 52:46 – Inside a trade negotiation: what really happens in the room

  8. May 19

    Rosa & Tamoghana on India's Youth Employment Crisis

    In this episode we explore:  The real role of education — human capital investment vs. social signalling Why India's graduate unemployment rate has been stuck at 35–40% since 1983 The "waiting vs. fallback" dilemma — is queuing for a job better or worse than underemployment? Internal migration patterns and how states are balancing labour surpluses Caste, gender, and identity in the Indian labour market MSMEs vs. large corporations — what India actually needs for job creation Are we running out of time to cash in on the demographic dividend by 2030? The State of Working India Report is in its 5th edition, and this conversation covers the lifecycle of a young Indian worker — from higher education choices all the way through to employment outcomes.   0:00 Introduction & Guest Overview 3:27 About the State of Working India Report 4:23 The Youth Lifecycle Approach 6:43 Education: Human Capital vs. Social Signalling 16:50 Is Graduate Unemployment a Crisis or a Feature? 19:44 Queuing vs. Fallback: What's Better for India? 24:27 Migration Patterns and Labour Mobility 28:09 Caste, Identity & Occupational Mobility 31:59 Demand Side: MSMEs vs. Large Corporates 35:36 Are We Getting Better? The Demographic Dividend Question

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About

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.

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