The Yellapur Shaka Math was established around 1790 by P.P. Shreemad Bhu-Vijay Ramachandra Teerth Shreepad Vader Swamiji. A significant historical milestone occurred during their tenure when they welcomed P.P. Shreemad Raghavendra Swamiji of the Rayar Math. After receiving a letter from the Rayar Math expressing a desire to visit the Hatakeshwara Temple in Gokarna via Yellapur, P.P. Swamiji personally accompanied them and organized the sacred Kshetra Darshana.

On May 19, 1978, P.P. Shreemad Vidyadhiraja Teerth Shreepad Vader Swamiji laid the foundation stone for a new Math building on a spacious one-acre site along the National Highway. The ritual installation (Deva Pratishtha) for the new Garbhagruha and Guru Bhavan was performed on April 8, 1983. The 2003 Chaturmaas held here is fondly remembered as 'Netra Deepak' for its grandeur.