Prasada was born in Shahjahanpur, Uttar Pradesh to politician Jitendra Prasada and his wife Kanta Prasada. He belongs to Brahmin caste.[11] He attended the all-boys' boarding school, The Doon School in Dehradun (where he was a contemporary of politicians Jyotiraditya Scindia and Kalikesh Narayan Singh Deo).[12][13] He did a degree in commerce from the Shri Ram College of Commerce, Delhi University and then completed his MBA from International Management Institute, New Delhi.
His grandfather Jyoti Prasad was a Congress party member and served legislative and local body positions. His grandmother Pamela Prasada belonged to the Sikh family of Kapurthala. His great grandfather Jwala Prasada was a Imperial Civil Service officer and great grandmother Purnima Devi, youngest daughter of Hemendranath Tagore brother of Nobel Laureate Rabindranath Tagore
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