Subtext by Zerodha

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.