Deshpande was born as Shama Gosavi to the legendary Marathi actor
Raja Gosavi and Sunanda Gosavi, a homemaker. The youngest among four siblings, she grew up in a theatre-rich environment and developed a fascination for the performing arts by observing actors backstage and watching them prepare for their roles. Her mother died when she was 25, followed by her father's death a decade later when she was 35. She began her acting journey by stepping in as a replacement in her father's stage plays, which gradually sparked her interest in the craft. Her first screen appearance came in the 1977 Marathi film
Asla Navra Nako Ga Bai, where she played the role of the heroine's friend, a part offered by her father. She went on to appear in Marathi films like
Ashtavinayak and
Zidd, but found the struggle in the industry more challenging than expected, leading her to briefly step away from acting. Over the years, she made occasional appearances in films such as
Madhuchandrachi Raatra (1989),
Jodidar (1997),
Betaabi (1997),
Pyaar To Hona Hi Tha (1998),
Nidaan (2000), and
Koi Aap Sa (2005). Deshpande made her television debut with
The Great Maratha, directed by
Sanjay Khan and aired on
DD National, where she portrayed
Gopikabai, the Peshwin of the
Maratha Empire. Her television career gained momentum with
Zee TV’s
Aashirwad, followed by prominent roles in successful
Balaji Telefilms shows such as
Ghar Ek Mandir,
Kutumb,
Kya Hadsaa Kya Haqeeqat, and
Kahani Terrii Merrii. These appearances established her as a well-recognized face on Indian television. She has worked alongside noted television actors including
Hiten Tejwani,
Ram Kapoor,
Gauri Pradhan,
Harshad Chopda, and
Vivian Dsena. Her performances in shows like
Meri Awaz Ko Mil Gayi Roshni,
Dheere Dheere Se, and
Udne Ki Aasha further strengthened her television career. She received widespread acclaim for her roles in
Kis Desh Mein Hai Meraa Dil and
Madhubala – Ek Ishq Ek Junoon, earning a nomination for the
Indian Telly Award for Best Actress in a Supporting Role for the latter. == Personal life ==