The Ankola Shaka Math, dedicated to Shree Veer-Vitthal, was established in 1649 A.D. by the seventh Guru, P.P. Shreemad Digvijayaramachandra Teerth Shreepad Vader Swamiji. The Math stands as a testament to the spiritual continuity of the lineage, housing the holy Vrindavanas of the 7th, 11th, and 14th Gurus.

In 1957, under the leadership of the 22nd Guru, P.P. Shreemad Dwarakanatha Teerth Shreepad Vader Swamiji, a significant renovation (Jeernoddhara) of the Garbhagruha was completed. The Math also contributed to social welfare in 1968 by donating land for a Government High School, which they named 'Dwarakanatha Vidyalaya'. Further extensive renovations, including the installation of the Shikhara Kalasha and restoration of the Vrindavanas, were performed in 1988 by the 23rd Guru, P.P. Shreemad Vidyadhiraja Teerth Shreepad Vader Swamiji. The Math is also marked by a significant historical event where the 22nd Guru, while visiting after the Pratishtha of Bahubali in Dharmasthala, attained samadhi here in 1973.