Raj Rathi joins Citi India

Citi has made a pretty pointed India hire. Raj Rathi, who was most recently at Dream Sports, is joining the bank as head of merg(bloomberg.com) Rathi is not coming in as a generic corporate-finance operator. He spent his latest stint inside Dream Sports — the parent of Dream11 — running st(livemint.com)his is less “startup executive goes to Wall Street” and more “seasoned dealmaker comes back to a bank after working inside a fast-moving digital company.” (livemint.com) ### What exactly changed? Citi said on May 4 that Rathi will become its India M&A head effective June 2026, based in Mumbai. He will lead the firm’s mergers and acquisitions business in the country — the core advisory seat for big buyouts, strategic sales, carve-outs, and cross-border deals. (bloomberg.com) ### Why is Dream Sports relevant here? Because Dream Sports is not just a consumer internet brand. It sits in the middle of some of India’s most valuable digital-sports economics — fantasy gaming, sports media, fan engagement, and adjacent tech. Working on strategy and corporate(livemint.com)t just how bankers pitch it. That operating exposure can matter when clients want advice that feels commercial, not just financial. (moneycontrol.com) ### Is this really a “s(bloomberg.com)ut Citi’s formal remit for Rathi is broader. Alongside M&A, he is also taking sector coverage for digital infrastructure, electronic manufacturing services, and select B2B commerce companies. That points to a banker Citi wants in the middle of India’s capex, supply-chain, and digital-platform story — not only sports or media deals. (livemint.com) ### So why hire him now? Because Citi has been leaning into India dealmaking (moneycontrol.com)y issuance and M&A. More recently, Citi’s India leadership has talked up outbound acquisitions and a stronger pipeline in sectors like industrials, financial services, pharma, and tech. Rathi’s appointment fits that broader build-out. (moneycontrol.com) ### What does Citi get from this? A banker who has done both sides of the table. That usually matters most in (livemint.com)pany often understand internal decision-making better: board dynamics, founder psychology, integration worries, and what management teams will actually sign off on. That does not guarantee deals, obviously. But it can make advice sharper. (bfsi.economictimes.indiatimes.com) ### What does this say about India M&A? Basica(moneycontrol.com)turing build-outs, platform businesses, and founder-led companies maturing into strategic targets or acquirers. Citi’s choice suggests it wants someone who can move comfortably across that mix. (livemint.com) ### Bottom line? This is a straightforward personnel move, but it carries a bigger signal. Citi is not just filling a seat — it is betting that India M&A w(bfsi.economictimes.indiatimes.com)ing is a clean example of that shift. (bloomberg.com)