Rathi, who is set to join in June and will operate out of Mumbai, steps into a pivotal role overseeing Citi’s M&A strategy in India. His mandate includes steering complex, high-value transactions while also building deeper coverage across sectors such as digital infrastructure, electronic manufacturing services, and select business-to-business segments.
According to people familiar with the matter, the hire was communicated internally by Rahul Saraf, Citi’s India head of investment banking, alongside Asia M&A head Colin Banfield. One source noted, “Rathi has been hired to spearhead the M&A vertical for Citi and an internal announcement is expected to be made on the same today. He is expected to join the firm in June.” Another added that his responsibilities will extend into sectoral leadership, with direct reporting to Saraf.
A Hybrid Profile: Strategy Meets Deal Execution
Rathi brings a blend of corporate strategy and frontline dealmaking experience. He joins Citi from Dream Sports—the parent of Dream11—where he spent roughly four years as head of strategy and corporate development. In that role, he worked on partnerships, investments, and growth initiatives within one of India’s most prominent sports tech ecosystems.
Before that, he served as an executive director in technology investment banking at JPMorgan Chase & Co. in India, advising across technology, consumer internet, and fintech verticals. His earlier stints at Guggenheim Partners and EY in New York focused on telecom, media, and technology (TMT) transactions. Altogether, his career spans more than 15 years in advisory, M&A, and investment banking.
Citi’s Broader Push Across Asia
The hire comes as Citi intensifies efforts to scale its investment banking operations across Asia, particularly in markets like India where deal momentum remains strong. The bank has recently played advisory roles in several notable transactions, including the sale of the Royal Challengers Bengaluru IPL franchise to a consortium featuring the Aditya Birla Group, Blackstone, the Times of India Group, and Bolt Ventures. It also advised on Haier Smart Home Co.’s stake sale in its India business to Bharti Enterprises and Warburg Pincus.
Parallel hiring across the region underscores this expansion strategy. Citi recently brought in Bhavin Shukla to lead infrastructure investment banking across multiple Asian markets, and tapped Vikram Chavali from Goldman Sachs as Asia-Pacific head for global asset managers.
Strategic Timing in a Competitive Market
Rathi’s appointment lands at a time when India’s M&A landscape is being reshaped by cross-border capital flows, rapid digital adoption, and infrastructure-led growth. Citi is betting that his dual exposure to corporate strategy and advisory will help deepen client relationships and unlock opportunities in emerging sectors.
More broadly, the move highlights intensifying competition among global banks to secure top-tier talent in India—now widely viewed as one of Asia’s most promising investment banking hubs.