Ray started her modelling career at age 16 and was the brand ambassador for Lakme cosmetics in India. She made numerous advertisements for various Indian companies before becoming involved in films.
She began her acting career with the Bollywood film Kasoor in 2001 opposite Aftab Shivdasani. Ray then went to Tollywood in 2002 and appeared in Takkari Donga with Mahesh Babu. She subsequently starred as the female lead of Canadian director Deepa Mehtas romantic Indo-Canadian romp, Bollywood/Hollywood in 2002. In 2005, she worked again with Mehta in the latters most recent film, Water. The film tells the story of a widow, played by Ray, who lives in a Varanasi ashram. Ray starred opposite John Abraham. Although she learned her lines in Hindi for the shoot, her voice ultimately had to be dubbed over in post-production on account of her strong accent.
Ray has said that she desires to be a novelist with a base in Paris. She is also hosting Beauty Mantra a television show on the Indian channel Zee TV. She recently relocated to Los Angeles to pursue acting roles there.