Ambika Mod grew up in Potters Bar, Hertfordshire, England. She is the daughter of Indian immigrants; her mother arrived in the UK when she was a child and her father arrived in his twenties. Ambika Mod attended Dame Alice Owen's School and obtained a Bachelor of Arts in English Studies from St Mary's College, Durham.

In Durham, Ambika Mod discovered theater and sketch comedy thanks to the University Revue, performed at the Edinburgh Fringe Festival in 2015 and as president of the troupe in 2017.

Ambika Mod formed a duo titled Megan from HR with Andrew Shires. She regularly performs in theater in improvised comedies at the Free Association in London.

Early in her career, she worked as a personal assistant at Condé Nast as a day job while doing comedy in the evenings.

On June 23, 2022, she was chosen to play the lead role of Emma Morley opposite Leo Woodall in One Day, a British miniseries based on the eponymous novel by David Nicholls, published in 2009, as well as on the film adaptation , released in 2011. The series is broadcast on February 8, 2024 on Netflix.