Rohit Bansal was born in Malout, Punjab. His father was a grain merchant and his mother a homemaker. He went to school at Delhi Public School in New Delhi and later studied engineering at IIT Delhi.
At school he became friends with Kunal Bahl. On 4 February 2010 the two co-founded Snapdeal. Bansal took the role of chief operating officer.
In 2014 Bansal received the BMA Entrepreneur of the Year award, a place on the ET Top 50 Entrepreneurs of India list and the EY Entrepreneur of the Year award in the startup category.
In February 2020 Snapdeal invested in Sanfe, a maker of feminine hygiene products. Bansal is married to Parul, an architect, and they have two children.