The Varanasi Shaka Matha holds the distinction of being the first Math established in the illustrious lineage of Shree Samsthan Gokarn Partagali Jeevottam Math. Its foundation is tied to a significant event involving the King of Kashi and a lost diamond bangle of the Princess. When the bangle was misplaced during a dip in the holy Ganga, the soldiers mistakenly suspected the group of sanyasis. P.P. Shreemad Narayana Teerth Shreepad Vader Swamiji, maintaining their calm and dignity, told the soldiers that they had renounced everything and were innocent. Soon after, the bangle was recovered from the river, proving their words true.

Deeply moved and repentant for the earlier skepticism and the conduct of the soldiers, the King of Kashi sought to serve P.P. Swamiji. Following P.P. Swamiji’s vision to establish a spiritual sanctuary for the Goud Saraswat Brahmin community in Kashi, the King assisted in constructing the Math premises on the Panchaganga Ghat, directly facing the Shree Bindu Madhav temple. P.P. Shreemad Narayana Teerth Shreepad Vader Swamiji ritually installed the metal idol of Shree Laxmi Narayan, marking the first Vaishnava Math for the Saraswat community in this sacred city. Over the centuries, the Math has seen major renovations, notably in 1975 under the leadership of the 23rd Guru, P.P. Shreemad Vidyadhiraja Teerth Shreepad Vader Swamiji, ensuring it remains a secure shelter for pilgrims.