I want OneDrive to make my user directory (C:\Users\Raj) its base directory.
I'm on Windows 7 x64, and its latest stable OneDrive build (17.3.6201.1019) on a Personal OneDrive account.
Maybe you're looking at the problem the wrong way. You can change the location of your user profile directory if you follow the instructions on the page here: http://www.sevenforums.com/tutorials/87555-user-profile-change-default-location.html
In case my first answer doesn't do what you want. You can also change the One Drive (for business) base directory in the following registry key:
Do this at your own risk though, as I have not tested it.
OneDrive will only allow you to sync a selected file (Default for me was C:\user\Dean\OneDrive), Creating a Symbolic link Between your user profile and a given file will allow you to upload your user profile.
To do this you will need to relocate your OneDrive file by either setting its location when you install and login to the OneDrive desktop app or UN-linking your account from a preinstalled OneDrive installation and changing the location while logging into OneDrive.
(Note: Ensure the OneDrive file is NOT located within your user profile)
Finally create a Symbolic link using this command MKLINK /j "C:\ONEDRIVEPATH\YOURNAME" "C:\user\YOURNAME"
for more information refer to Change the location of your OneDrive folder and Typing the command MKLINK /? into windows command prompt.