Citi Hires M&A Head May 5: Raj Rathi Joins From Dream Sports

Citigroup Inc. has made a strategic leadership appointment in Asia, hiring Raj Rathi as head of mergers and acquisitions in India, effective June 2026. Rathi, who previously worked at Dream Sports, brings significant investment banking expertise to the US lender’s operations in Mumbai. Beyond M&A leadership, Rathi will assume coverage responsibility for digital infrastructure, electronic manufacturing services (EMS), and select business-to-business commerce companies. The appointment was announced through an internal memo from Citi’s head of investment banking in India, Rahul Saraf, and Asia M&A head Colin Banfield. This move reflects Citigroup’s ongoing efforts to strengthen its investment banking presence across Asia and capitalize on India’s growing deal-making activity.

Citi’s Strategic M&A Expansion in India

Citigroup continues to build its investment banking capabilities across Asia through targeted senior hires. The appointment of Raj Rathi as head of M&A in India demonstrates the bank’s commitment to capturing deal flow in one of the world’s most dynamic emerging markets. India’s M&A activity has accelerated significantly, driven by digital transformation, infrastructure development, and consolidation across multiple sectors.

Focus on Digital Infrastructure and EMS

Rathi’s expanded mandate covers digital infrastructure, electronic manufacturing services, and B2B commerce—three sectors experiencing rapid growth in India. Digital infrastructure investments have surged as companies build data centers, cloud networks, and telecommunications infrastructure to support India’s digital economy. The EMS sector has attracted significant capital as global manufacturers diversify supply chains away from China. This sector-specific focus positions Citi to capture high-value transactions in these growth areas.

Strengthening Asia’s Investment Banking Team

The hire reinforces Citi’s broader Asia strategy under Colin Banfield’s leadership as Asia M&A head. Senior banker appointments signal institutional confidence in regional markets and attract deal flow from multinational corporations and domestic players. Rathi’s background at Dream Sports, a major Indian sports tech company, provides valuable insights into India’s startup ecosystem and digital commerce landscape. This experience will help Citi advise on complex transactions involving technology-driven businesses.

Raj Rathi’s Background and Experience

Raj Rathi brings substantial investment banking credentials to his new role at Citigroup. His tenure at Dream Sports, one of India’s most prominent sports technology and fantasy gaming platforms, exposed him to high-growth digital businesses and complex corporate structures. Dream Sports has been a major player in India’s digital entertainment sector, making Rathi’s experience highly relevant to current market trends.

Career Trajectory in Investment Banking

Rathi’s move from Dream Sports to Citi reflects a common pattern among senior professionals—transitioning from corporate roles to investment banking leadership. This background provides unique advantages: deep understanding of corporate operations, familiarity with India’s business environment, and credibility with domestic companies seeking M&A advisory services. Investment bankers with corporate experience often excel at advising clients because they understand operational challenges and strategic priorities from the inside.

Coverage Responsibilities and Market Positioning

As head of M&A, Rathi will lead advisory on mergers, acquisitions, and strategic transactions across India. His coverage of digital infrastructure, EMS, and B2B commerce places him at the intersection of India’s fastest-growing sectors. These industries are attracting foreign direct investment, private equity capital, and strategic buyers seeking exposure to India’s digital economy. Rathi’s mandate positions him to advise on transformative deals that reshape India’s business landscape.

India’s M&A Market and Investment Banking Opportunity

India’s mergers and acquisitions market has emerged as a critical growth engine for global investment banks. Deal volumes have increased substantially as Indian companies expand internationally, foreign investors enter the market, and domestic consolidation accelerates across sectors. The appointment of senior bankers like Rathi reflects the scale of opportunity in India’s investment banking sector.

Digital Transformation Driving Deal Activity

India’s digital economy is experiencing explosive growth, creating M&A opportunities across fintech, e-commerce, digital payments, and cloud infrastructure. Companies are consolidating to achieve scale, acquire technology, and expand market share. Citi’s strategic focus on digital infrastructure coverage positions the bank to advise on these high-value transactions. Investment banks compete fiercely for mandates in India’s tech sector, where deal sizes and complexity continue to increase.

Competitive Landscape for Investment Banking

Citigroup faces intense competition from other global banks and boutique advisors in India’s M&A market. Senior hires like Rathi help differentiate Citi’s capabilities and attract deal flow. Banks with strong local teams, sector expertise, and relationships with both Indian corporates and foreign investors gain significant competitive advantages. Rathi’s appointment signals Citi’s determination to strengthen its competitive position in Asia’s most important emerging market.

Implications for Citi and Asia’s Banking Sector

This appointment carries broader implications for Citigroup’s Asia strategy and the competitive dynamics of investment banking in the region. Senior hires reflect institutional priorities, signal market confidence, and influence talent flows across the industry. Rathi’s move to Citi may inspire other professionals to consider investment banking roles, strengthening the talent pool across Asia’s financial services sector.

Talent Competition in Asia’s Financial Services

Investment banks compete aggressively for senior talent in Asia, particularly professionals with deep market knowledge and established client relationships. Rathi’s appointment demonstrates Citi’s willingness to invest in top-tier talent to strengthen its competitive position. This competition benefits professionals but also creates challenges for banks seeking to retain experienced bankers. The appointment may prompt other institutions to accelerate their own hiring initiatives in India and across Asia.

Long-Term Strategic Positioning

Citi’s investment in India’s M&A capabilities reflects confidence in India’s long-term growth trajectory and deal-making potential. The bank is positioning itself to capture advisory mandates as India’s economy expands, companies globalize, and foreign investors increase exposure to Indian assets. Rathi’s leadership will be critical to executing this strategy and building Citi’s reputation as a premier M&A advisor in India. Success in this role could enhance Citi’s broader Asia franchise and contribute to the bank’s global investment banking revenues.

Final Thoughts

Citigroup’s appointment of Raj Rathi as head of mergers and acquisitions in India represents a strategic investment in Asia’s most dynamic emerging market. Rathi’s background at Dream Sports and his expanded mandate covering digital infrastructure, electronic manufacturing services, and B2B commerce position him to capitalize on India’s accelerating deal activity. The hire reflects broader trends in global investment banking: the increasing importance of Asia, the competition for senior talent, and the strategic focus on high-growth sectors like digital transformation. For Citi, this appointment strengthens its competitive position in India’s M&A market and signals commitment to serving m…

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