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Born on Feb 23, 1969, Bhagyashree belongs to a Royal Marathi family, The Patwardhans. Her father Vijay Singhrao Madhavrao Patwardhan, is the current Raja of Sangli and she is the eldest of 3 daughters.
Bhagyashree started her career as a TV actress in Amol Palekar's TV Serial 'Kacchi Dhoop'. Amol Palekar happened to be her next door neighbour back then and he had encouraged her to act in the serial. The TV serial did well and Bhagyashree later went on to do roles in Honi Anhoni and Kisse Miya Biwi Ke.
Bhagyashree made her big screen debut opposite Salman Khan in 1989 in Bollywood movie Maine Pyar Kiya, directed by Soorah Barjatya. The movie went on to become a blockbuster and is counted among the Top 10 Bollywood Movies of All Time in India. Bhagyashree won the Best Female Debut Filmfare Award for her role in Maine Pyar Kia. She was also nominated in the Best Actress category but the award was won by Sridevi for Chaalbaaz that year.
Bhagyashree got married to Sindhi Businessman Himalaya Dassani in 1990. After marriage, she acted in three films: Peepat's Qaid Main Hai Bulbul, K.C. Bokadia's Tyagi and Mahendra Shah's Payal all opposite her husband Himalaya in 1992. She also acted with Avinash Wadhawan in Ghar Aaya Mera Pardesi (1993). This was her last Hindi movie in the 1990s and she took a break from films for rest of the decade.
She later appeared in Hindi movies in 2001 with Hello Girls but the movie didn't do well. She did work in TV Serials post that. She is a mother of 2 beautiful grown up kids and the promoter of a media company Shrishti Entertainment with her husband.