Aishwarya was born as Shanta Meena. Later she changed her name for cinema as Aishwarya. She has a half-sister from her mother’s second marriage. She has a daughter from her first marriage. She is a fourth generation film actress, as her great-grandmother Nungambakkam Janaki, grandmother Rukmini, mother Lakshmi were also film actresses
She made her acting debut in Malayalam movie Oliyampukal (1990). It was followed by Mamagaru (1991), Rasukutty (1992) and Meera (1992). She played double role in Butterflies (1993) and also in Gardish (1993) which was remake of Malayalam movie Kireedam. Her first super hit in Malayalam was with Mohanlal in 1993 titled Butterflies . Thereafter she has appeared as the heroine of Lal in two more big hits like Narasimham and Praja. According to her, she is still in the study of the medium, as she wants to become a director in some point of her career in the film industry. She works in a computer firm. She also acts in the Malayalam television serials.