Laxmikant was born in 1937 in relatively poor family. He grew up in the slum area of Mumbai. After death of his father, Laxmikant left his schooling after passing 4th Standard. He started doing some petty jobs in Mumbai and Pune. In his childhood he gets fascinated by the musical instrument mandolin. Laxmikant mastered in playing mandolin on his own. He was used to play it at street functions and entertain people. Later he started to play it at concerts and earn money. Before turning into music composition, he was used to play mandolin for various music directors.