Irma Felegyan was born on March 18, 1912. Her mother was Mari Hranuş Felegyan.
She learned ballet dancing in her childhood. During her performances in musicals, she preferred the name İrma Toto.
Her surname became Karaca when she married theatre actor Mehmet Karaca in 1939.
Their son Cem Karaca became a leading figure in Anatolian rock music.

She was among the founders of the Istanbul Theatre in 1960.

Toto Karaca died on 22 July 1992 and was buried in the family grave at the Şişli Armenian Cemetary.