Rakshit was born and brought up in Vijayawada, Andhra Pradesh, India. He made his debut in the 2017 filmLondon Babuludirected by Chinni Krishna. He was then selected to play the lead role in the 2020 filmPalasa 1978, in which he played Mohan Rao in four distinct decades of life. He was first seen as an 18-year-old, then 24, 40 and finally as a 60-year-old. Within 45 days, he learnt to speak Telugu in a dialect that fit the Palasa region.