Babasaheb Kalyani was born in a Marathi family on 7 January 1949 to Mrs. Sulochana and Mr. Neelakanth Kalyani, a Pune-based technocrat and maker of automotive components. He completed his high school from Rashtriya Military School, Belgaum; and also attended Dr.(Mrs)Erin N.Nagarvala School,(formerly National Model School),Pune. He attended BITS Pilani, from where he earned a BE (Hons.) in Mechanical Engineering in 1970, and later Massachusetts Institute of Technology where he earned an MS degree.