Rawail was born and brought up in Mumbai. He is the nephew of film director, Rahul Rawail, who was also a director. He completed his schooling from Maneckji Cooper School, Juhu, Mumbai in 1987.
Rawail started his career as an assistant director to director Ramesh Sippy. Starting with Bhrashtachar (1989), Rawail worked with Sippy in Akayla (1991) followed by Zamaana Deewana (1995). Subsequently, he has worked as a producer and co-producer for Hindi films like Ready, No Problem, Shortkut - The Con is On, Run and Anjaam.