Raageshwari was born in Mumbai on the July 25, in a middle-class family, to Trilok Singh Loomba, a National Award winning musician and government servant, and his wife Veera. She has an elder brother, Rishabh who is a filmmaker. The Sanskrit word Raageshwari means "the queen of ragas and wife of the Lord". Raageshwari attended the Auxilium Convent High School. As a child model, she did the rounds of several advertising agencies with her father.