[2] This temple has a history dating from about the 15th century when the Jain Bhairarasa Odeyars ruled Karkala and surrounding places.

The Gaud Saraswat Brahmins were given land by the Jain Odeyars so that these people can lead a happy life.

The priests of this community namely; Joishys, Puraniks and Tantris were the main people existed in the 15th century.

The exact date of the installation of this temple is still unknown as during that time, there were no written materials or documents.

One fine day all these GSBs came to Jain King Immadi Bhairava, asking for land to build a temple for Lord Sree Venkataramana in 1550 AD.

The Jain king happily gave them the land for that purpose, along with some black stones which were prevalent in the area.

The land which they gave to the GSBs was occupied by a lady of some Mutt (religious institution for learning Vedas and Puranas).

The lady heeded to the people and Jains only one condition that "There are four powerful Ganas [Lord Shiva's servants] who should be worshipped and given sacrifices of coconuts, green pumpkins, Turmeric and so on; or they would get angry.

"The Gaud Saraswat Brahmins and the Jain king openly said yes to lady, and the temple was built.

Soma Sharma returned to Karkala from Tirupathi with another idol of Lord Sree Venkataramana which was given to him by the Tirumala priests at the end of the 14th century.

During 1500 AD, some dacoits attacked Karkala and started stealing all the gold and silver ornaments and idols.

That night the idol (Lord Venkataramana installed at Mulki) appeared in their dream and said "You all please go to Karkala and stay there, don't get frustrated or depressed because of this event.

"The very next morning they met Mulki residents, told them about the dream, and went back to Karkala with a hope that Tirupathi Sreenivasa would come.

The people from whom you asked the land are in need of me as I had promised them that I would come from Tirumala Tirupathi and stay in this place.

The saint agreed to Lord's wishes and very next morning went to GSB people to hand over the idol with one condition.

The number of devotees entering this gradually increased due to the divine environment of this place.

In the morning at 6:00 (in some cases it is 5:30 am during Ashwija month) the temple doors are opened with Dwara Pooja and Suprabhatam.

Dwara Pooja is performed for the door keepers Jaya-Vijaya (in Vishnu Loka they represent DwaraPaalakaas).

At noon Naivedyam is performed wherein several items are served for the Lord in a huge plate and utensil made out of copper.

Once the Naivedya is over a little bit of rice is served in small utensils and is kept in front of Parivar Devas while one is offered to Sree Veeramaruthi Temple.

At 6:30 people from all over the town come to temple to sing the hymns of Lord Almighties, and this goes on until 8:00 pm.

[2] The income for this temple mainly comes from the Kaanikas (money) given as offering to the Lord by devotees.

Also the temple owns houses which are currently offered on rent and few lands which are given on lease, so finances are higher through these resources.