It is named after Krishnarajendra Wodeyar, a former ruler of the princely state of Mysore.
The market is located in the Kalasipalya area, adjacent to the Tipu Sultan's Summer Palace, on Mysore Road at its junction with Krishnarajendra Road.
The location of the market is said to have been a water tank and then a battlefield in the 18th century during the Anglo-Mysore Wars.
[2] From the British era, two buildings remain, at the front and back of the market area.
A new concrete 3-story structure was erected in the 1990s between the two older buildings to provide more space for vendors and better overall conditions.