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A small group of GSBs migrated from Goa settled in Tellichery in the latter half of the 17th century and early part of the 18th century. They built a small shrine dedicated to Lord Kodanda Rama in the Tellichery town.

A Rich GSB Merchant named Devdas Bhandari submitted Lord Lakshmi Narasimha's Idol to the shrine in the early 19th Century. A proper temple was built on the site of the old shrine in 1831. This prathishta was done by H.H. Srimad Sumatheendra Tirtha Swamiji in 1831 A.D. on Samvatrasra Vaishaka masa Shukla Panchami, Monday, Punarvasu Nakshatra of the Shaka era. H.H.Srimad Sumatheendra Tirtha was the 15th pontiff of Sri Kashi Mutt Samsthan, Varanasi. Apart from the Main Deity of Lord Lakshmi Narasimha, the Deities of Lord Kodanda Rama, Venkaramana, with his divine consorts of Sri Devi and Bhoomi Devi, were installed.