This temple is unique as it combines the worship of Parashurama with the iconic Linga symbol, representing Shiva. According to writer Roshen Dalal, historical texts indicate that this city was once part of the region associated with Parashurama.
According to legend, Parashurama claimed this land from the sea. It is said that a king named Ramabhoja worshipped Parashurama here in the form of a Linga, which then manifested on a silver seat, known as the rajata pitha.
In Sanskrit texts, this city is referred to as Rajata Pitha. The temple's priests are Madhva Brahmins who have performed rituals and ceremonies according to the Madhva Sampradaya and the Tantra Sara Sangraha, authored by Madhvacharya, for over 700 year.
The temple, built during the reign of the Alupa dynasty in the 8th century CE, is regarded as one of the oldest temples in the Tulu Nadu region.