It is named after the 12th-century mathematical treatise "Lilavati" devoted to arithmetic, algebra, and the decimal system written by the Indian mathematician Bhāskara II, also known as Bhaskara Achārya.
In the book the author posed, in verse form, a series of problems in (elementary) arithmetic to one Leelavati (perhaps his daughter) and followed them up with hints to solutions.
The Leelavati Prize was handed out for the first time at the closing ceremony of the International Congress of Mathematicians (ICM) 2010 in Hyderabad, India.
Established by the Executive Organising Committee (EOC) of the ICM with the endorsement of the IMU Executive Committee (EC), the Leelavati Prize was initiated as a one-time international award for outstanding public outreach work for mathematics.
The Leelavati prize is not intended to reward mathematical research but rather outreach activities in the broadest possible sense.