Anand was born as John Gardner and he assumed the name Akshay inspired by his character in his television debut Indradhanush. The name Anand had been given to him by his mentor, actor and director Dev Anand, during his association with Dev Anand while filming Hum Naujawan. He studied economics at St. Xavier's College, Mumbai before getting into acting. His television debut was made in 1989 with the 13-episode TV series Indradhanush which was based on time travel. He also mentors at his acting academy, Akshay Anand Acting Academy. He is also active as producer and director for various web series under the banner Akshay Anand Academy Production.