A research-first financial approach focused on deep, independent analysis of financial systems, market structure, intermediaries, regulatory change, and the economic forces shaping how people and institutions interact with money.
Currency in circulation crossed ₹35.7 trillion in FY25 — an all-time high — in the same period that UPI recorded 15.6 billion monthly transactions. The substitution thesis cannot explain this.
Volume numbers get the headlines. The pattern underneath them tells a more interesting story about behaviour.
Primary research from 400 Indian households reveals the gap between programme design and what drives real engagement.
Every transaction has two sides — the one who pays and the one who receives. Every economic question has two perspectives — the institution and the individual. Subtwo exists in the space between them, working toward a single, shared understanding of how money actually moves.
Our research is published first. Always. We make it available to anyone who wants to understand how money actually moves in the real world — from a founder building a payments product, to a merchant trying to understand her customers, to someone who simply wants to understand their own financial life more clearly.
Read the research →When organisations want to go further — to turn research into decisions, and decisions into products — we work with them directly. That is the other thing we do. But it starts with the research. It always starts with the research.
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