Born in Kapu, Udupi Karnataka India in to Shambhu Shetty and Koosamma Shetty in the 1940s to an ethnic Tuluva family. Shetty completed his pharmaceutical education in India and also served as the Vice-Chairman of the Municipal Council in Udupi where he worked toward providing proper sanitary facilities, building concrete roads, schools, underground drainage and septic tanks which would increase health and quality of life within the community. He moved to the UAE in 1973 with only a few dirhams to his name. He married Chandrakumari Shetty and has four children.

Shetty immigrated to the UAE in 1973. After working as the country's first medical representative, he founded New Medical Centre Health (NMC) in 1975 to fill the need for personalized, cost-effective Health care accessible to all. At that time, his wife was the only Doctor in the clinic. NMC is now the largest private Health care provider in the UAE with over four million patients annually across 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia and Brazil. It is the first Health care company from the GCC and the first company from Abu Dhabi to be listed on the premium segment of the London Stock Exchange and is part of the coveted FTSE 100 Index.

Dr. Shetty initial interest in 1975 was in hospitals and hospitality, but since then he has Diversified into sectors including pharmaceuticals, financial services, Retail, advertising and information Technology. Shetty was included on the Forbes list of India's 100 richest People in both 2015 and 2016.

Shetty established the UAE Exchange in 1980 in an attempt to ease the process of sending money by the expats to their families in their respective home countries. By 2016, it had expanded into over 31 countries and had approximately 800 direct offices. In 2014, it did over 50 billion USD collectively in money remittance and exchange volumes. He acquired Travelex, the world's leading foreign exchange company, in 2014. It has a global footprint including 1500 stores and 1300 ATMs across 27 countries.

In 2003, Shetty founded NMC Neopharma, a UAE based pharmaceutical manufacturer. Inaugurated by the then President of India, A. P. J. Abdul Kalam in Abu Dhabi, Neopharma is centered on using the concept of modular Manufacturing following global benchmarks in Manufacturing Technology and putting in place efficient control mechanisms. Neopharma has a research and development wing and works to provide quality medicines at affordable prices. The company also contracts Manufacturing for international pharmaceutical companies as well as generic brands for companies including, but not limited to, Merck, Pfizer, AstraZeneca, and Boots UK.

In 2005, Shetty was awarded the highest civilian distinction in the Emirate, the Abu Dhabi Award. Given by H. H. Sheikh Mohammed bin Zayed al Nahyan, the Crown Prince of Abu Dhabi, the first year the distinction was awarded. Also in 2005, U.S. India Friendship Society presented Shetty the Distinguished Entrepreneur Award.

Shetty was honoured by the Pravasi Bharatiya Samman in 2007.

Ernst & Young Middle East honored Shetty with the Entrepreneur of the year finalist award in 2008.

Shetty received the Padmashree awarded by the President of India in 2009 for his contribution in the field of trade and industry.

In July 2011, he received the Asian Achievers Award from the Human Achievers Foundation.

In September 2012, Pharma Leaders founded by Satya Brahma declared Shetty as Global Indian of the Year along with Kiran Mazumdar Shaw at 5th Annual Pharmaceutical Leadership Summit & Pharma Leaders Business Leadership Awards 2012 in Mumbai.

In 2013, Shetty was recognized as one of Asia's most promising Leaders at the Asian Brand & Leadership Summit. In March 2013, he was awarded the International Achievers Summit's Lifetime Achievement Award. That same year, Shetty received the Asian Business Leadership Forum India-UAE Business Icons Award. He also received the 2013 Frost & Sullivan Lifetime Achievement Award.

In 2014, Forbes Middle East recognized Shetty with the Top Indian Leaders in the UAE Award. He also received the Lakshya Business Visionary Award in 2014. That same year, Shetty was recognized with the International Achievement Award at the Indian Innovator Awards.

At the 2015 Gulf Business Industry Awards, Shetty was recognized as the Health care Business Leader of the Year. In November 2015, he was felicitated by More Ignatius Jacobite Syrian Orthodox Cathedral in Dubai. Shetty's NMC Health care was recognized at the 6th Middle East Business Leaders Awards in 2015, where Shetty was given the Industry Excellence in Health care Award.

In 2016, Shetty received the Golden Peacock Lifetime Achievement Award for Business Leadership. Also in 2016, Shetty won the Business Excellence Award from the Indian Business & Professional Council. Middlesex University in Dubai awarded Shetty an Honorary Doctorate in 2016.

In January 2017, Shetty was honored at the Annual Health Awards with a special award for his contribution to the region's Health care industry. The following month, Shetty received the Nadaprabhu Kempegowda International Award at the Kempegowda International Festival.