Ashika was born to Ranganath and Sudha Ranganath in Hassan district. Her elder sister Anusha Ranganath is also an actress. She studied in Bishop Sargant School, Tumkur and later moved to Bangalore for pre-in Jyoti Nivas College, where she auditioned for a Clean and Clear Fresh Face Bangalore contest, emerging as the runner-up of Miss Fresh Face 2014. She is trained in various dance forms including freestyle, Belly and western. In an interview with zee-5 Ashika said that she had a crush on Rang De Basanti actor Siddharth.
Ashika’s career in acting started after Crazy Boy director Mahesh Babu picked her during a Clean and Clear Fresh Face Bangalore contest. She was nominated for the Best Debutant Actress in a Leading Role Award by SIIMA.