The Bhatkal Shaka Math was established by P.P. Shreemad Narayana Teerth Shreepad Vader Swamiji following their stay in Varanasi. After establishing the first Math in Kashi, they returned to the South. Under the advice of their Guru, P.P. Shreemad Ramchandra Teerth Swamiji, they began organizing the Saraswat Brahmin community. They arrived at Bhatkal and established a Math premises to spread the faith in the Parashuram Kshetra.

At that time, Bhatkal was under the rule of the Keladi Dynasty. The Keladi rulers accepted P.P. Shreemad Narayana Teerth Shreepad Vader Swamiji as their Guru and honoured them with the illustrious 'Vader' title. From this point onward, the title 'Vader' became an integral part of the lineage's formal name. The Matha features stone idols of Jay and Vijay as doorguards, along with idols of Garuda and Hanumanta. Bhatkal town also houses the holy Vrindavanas of the first Guru, P.P. Shreemad Narayana Teerth Shreepad Vader Swamiji, and the third Guru, P.P. Shreemad Jeevottam Teerth Shreepad Vader Swamiji.