Citi appoints Raj Rathi as head of mergers & acquisitions in India

Mumbai: Citi on Monday announced the appointment of Raj Rathi as head of mergers & acquisitions (M&A) in India, effective June 2026.

Rathi, who is based in Mumbai, will also assume sector coverage responsibility for digital infrastructure, electronic manufacturing services (EMS), and select B2B commerce companies. He will work closely with partners across investment banking, markets, and other product groups to deliver integrated solutions to clients.

In his new role, Rathi will be responsible for leading Citi’s M&A franchise in India, driving strategic advisory across complex, high-value transactions, and further strengthening client relationships across priority sectors, the investment bank said in a statement.

Rathi brings more than 15 years of experience in investment banking, M&A, and investment advisory. He joins Citi from Dream Sports, where he served as head of strategy and corporate development. In this role, he led strategic partnerships and inorganic growth initiatives, deploying about $150 million across multiple investments.

Deal momentum

His appointment comes at a pivotal time for Citi’s India investment banking business. The firm's advisory strength is highlighted by recent high-profile mandates, including the 100% stake sale of Royal Challengers Sports for United Spirits and Haier Group’s 49% stake sale in its Indian arm.

Other prominent M&A transactions it was was involved in include Akzo Nobel's sale to JSW Paints, SMBC’s acquisition of stake in Yes Bank, IHC's controlling stake acquisition in Sammaan Capital, the sale of Blackstone's minority stake in VFS Global to Temasek, UC Regents and others, and Capgemini’s acquisition of WNS.

Citi has played an integral role in recent public-market listings, including those of Tata Capital, LG Electronics India, Hexaware Technologies, Lenskart, Meesho, Groww and Pinelabs. The investment bank facilitated State Bank of India’s qualified institutional placement (QIP), one of the largest transactions this year, and was also involved in British American Tobacco’s stake sale in ITC.