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Many existing works on voice conversion (VC) tasks use automatic speech recognition (ASR) models for ensuring linguistic consistency between source and converted samples. However, for the low-data resource domains, training a high-quality ASR remains to be a challenging task. In this work, we propose a novel iterative way of improving both the ASR and VC models. We first train an ASR model which is used to ensure content preservation while training a VC model. In the next iteration, the VC model is used as a data augmentation method to further fine-tune the ASR model and generalize it to diverse speakers. By iteratively leveraging the improved ASR model to train VC model and vice-versa, we experimentally show improvement in both the models. Our proposed framework outperforms the ASR and one-shot VC baseline models on English singing and Hindi speech domains in subjective and objective evaluations in low-data resource settings.