He moved to Mumbai in 1980s to work in Hindi film industry. He acted in Baazigar, Bombay to Goa, Aamdani Atthanni Kharcha Rupaiya among others. He contested in the comedy show The Great Indian Laughter Challenge and became the runner up.
Since 2014, he was a member of the Bharatiya Janata Party.
In 2013, Raju along with his wife participated in Nach Baliye season 6, which is a couples dance show on StarPlus. He has also appeared on Comedy Nights with Kapil. He also appeared in Mazaak Mazaak Mein, a Hindi reality television talent competition.
Srivastav also participated in Bigg Boss (Hindi season 3), the Indian counterpart of the Big Brother (franchise). After staying in the house for more than two months he was voted out on 4 December 2009.
The Samajwadi Party fielded Srivastava from Kanpur Lok Sabha constituency for the 2014 Lok Sabha election. But on 11 March 2014, Srivastava returned the ticket, saying he was not getting enough support from the local units of the party.