He was the son of Emperor Achyuta Deva Raya, whom he succeeded in 1542 CE.
An underage Venkata Raya succeeded his father, the Emperor Achyuta Deva Raya as the Emperor of Vijayanagara and his maternal uncle Salakaraju Chinna Tirumala (Salakaraju Chinna Timmalayyadéva or Salakaraja Chinna Tirumalayyadeva) became the imperial regent.
Salakaraju assassinated all the claimants to the throne including Venkata Raya and assumed full imperial powers.
As soon as Salakaraju heard about the plans of Aliya Rama Raya and his brothers (Tirumala Deva Raya and Venkatadri Raya) to dethrone him, he invited the Turko-Persian Sultan of Bijapur Ibrahim Adil Shah I and placed him on the imperial throne of Vijayanagara for seven days.
But they acted cleverly, offered full support to Salakaraju and requested him to send away Ibrahim Adil Shah I which he did after paying him a suitable compensation.