[1] Aswathi was born in Ernakulam, Kerala, India, to Jaygopal Menon and Vinitha Rao.

After her schooling in Dubai's Varkey group of schools, she pursued her higher education in Kerala at St. Teresa's College, Ernakulam and at Sacred Heart College, Thevara to complete her MA in English Literature.

[2][3] Aswathi attended Varkey International Private School in Dubai, where she first began performing.

Aswathi was approached to play the lead role opposite Vijay in Kushi (2000), but turned down the offer to prioritise her studies.

This was followed by Shambho Mahadeva, Savithriyude Aranjanam, Onnaman and the Tamil film Thenkasi Pattanam (2002).