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 and acquisitions (M&A) in India, effective June 2026.
Based in Mumbai, Rathi will also have responsibility for industry coverage of digital infrastructure, electronic manufacturing services (EMS) and selected B2B commerce companies. He will work closely with partners in investment banking, markets and other product lines to deliver integrated solutions to clients.
In his new role, Rathi will be responsible for leading Citi’s mergers and acquisitions franchise in India, providing strategic advice on complex, high-value transactions and further strengthening client relationships in priority sectors, the investment bank said in a statement.
Rathi has over 15 years of experience in investment banking, mergers and acquisitions 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 approximately $150 million across multiple investments.
Deal momentum
His appointment comes at a pivotal time for Citi’s India investment banking business. The firm’s consultancy strength is highlighted by recent high-profile mandates, including the sale of a 100% stake in Royal Challengers Sports to United Spirits and the sale of a 49% stake in the Indian arm of Haier Group.
Other notable M&A transactions in which it has participated include Akzo Nobel’s sale to JSW Paints, SMBC’s acquisition of its stake in Yes Bank, IHC’s acquisition of a majority stake in Sammaan Capital, Blackstone’s sale of minority stakes in VFS Global tosek Tema, UC Regents and others, and Capgemini’s acquisition of WNS.
Citi has played a key role in recent public market listings including 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 this year’s largest transactions, and was also involved in British American Tobacco’s stake sale in ITC.
