[2] It was a part of an ancient trading route, and is famous for a major cave with Sanskrit inscriptions in Brahmi script and Middle Indo-Aryan dialect.

The pass was the fastest key passage that linked the Indian west coast seaports of Sopara, Kalyan and Thana with economic centers and human settlements in Nasik, Paithan, Ter and others, according to Archaeological Survey of India.

It is, for example, about 35 kilometres (22 mi) from the Lenyadri Group of Theravada Buddhist Caves and some 200 mounds that have been excavated near Junnar, mostly from the 3rd-century BCE and 3rd-century CE period.

[10] During the reign of the Satavahana (c. 200 BCE – 190 CE), the Naneghat pass was one of the trade routes that connected the Konkan coast communities with Deccan high plateau through Junnar.

He visited the site several times and made eye-copy (hand drawings) of the script panel he saw on the left and the right side of the wall.

He then read a paper to the Bombay Literary Society in 1833 under the title, Inscriptions of the Boodh caves near Joonur,[13] later co-published with John Malcolm in 1837.

[15] Sykes believed that the cave's "Boodh" (Buddhist) inscription showed signs of damage both from the weather elements as well as someone crudely incising to desecrate it.

[13][17] This suggestion reached the attention of James Prinsep, whose breakthrough in deciphering Brahmi script led ultimately to the inscription's translation.

According to Georg Bühler, it "belongs to the oldest historical documents of Western India, are in some respects more interesting and important than all other cave inscriptions taken together".

[16][24] The inscription mentions both Balarama (Samkarshana) and Vāsudeva-Krishna, along with the Vedic deities of Indra, Surya, Chandra, Yama, Varuna and Kubera.

[31][7] The Naneghat cave is also evidence that Hindu dynasties had sponsored sculptures by the 1st-century BCE, and secular life-size murti (pratima) tradition was already in vogue by then.

[11][37][note 6] According to Susan Alcock, the Naneghat inscription is important for chronologically placing the rulers and royal lineage of the Satavahana Empire.

Thus, Naneghat inscription helps place Satakarni I after him, and Satavahanas as a Hindu dynasty whose royal lineage performed many Vedic sacrifices.