Lakshmi was initially trained by Smt. Madhubala Chawla (Jhaveri) under whose guidance she acquired the Sangeet Visharad of the Akhil Bharatiya Gandharva Mahavidyalaya. She later received training from Pandit Vasantrao Kulkarni, a widely respected teacher of the Gwalior and Agra gharanas. Of late she has been receiving guidance from veteran musician and composer, Pt. Sri Krishna (Babanrao) Haldankar, a leading light of the Agra gharana.

Pt. Vasantrao Kulkarni's lineage can be traced on the one hand to Pt. Anant Manohar Joshi of Gwalior gharana and on the other to Pt. Jagannathbuwa Purohit (Gunidas) of the Agra gharana. Pt. Jagannathbuwa was a disciple of the redoubtable Ustad Vilayat Hussain Khan of Agra gharana. Vasantrao also drew from Ustad Khadim Husain Khan saheb, a veteran of the Agra gharana. Vasantrao encouraged Lakshmi to craft her own style by drawing appropriately from other gharanas too. She learnt from him as a scholar of the Dadar Matunga Cultural Centre, a very prestigious institution in Mumbai.

Pt. Babanrao Haldankar has also received musical knowledge from Khadim Hussain Khan saheb of Agra gharana; additionally he spent many years with Smt. Mogubal Kurdikar of the Jaipur tradition. He has a rich repertoire of traditional compositions.

Lakshmi also has the benefit of guidance from Pt. Satyasheel Deshpande, a versatile musician, who has drawn from varied influences including his studentship under the brilliant Pt. Kumar Gandharva.

While Lakshmi's gayaki is rooted in the Agra and Gwalior traditions, she has struck her own approach to Khayal singing. She also sings Thumri and Bhajan.