The Basrur Shaka Math holds immense significance as it is the birthplace of the third Guru, P.P. Shreemad Jeevottam Teerth Shreepad Vader Swamiji. During their extensive travels across the Bharath Varsha, as described in their poetic travelogue 'Teerthavali', they found three idols in the Gandaki river. They established the first Math at Gokarn near Kotiteertha and installed the idol of Bhoo Vijay Vitthala. The second idol, named Shree Digvijaya Vitthala to commemorate their successful pilgrimage, was installed at their birthplace in Basrur in 1550 AD. P.P. Shreemad Jeevottam Teerth Shreepad Vader Swamiji is the only such illustrious name among 627+ yativaryas of 27 Maths of the Vaishnava heritage.

Over the years, the Math has seen continuous leadership. The 16th Swamiji, P.P. Shreemad Lakshminath Teerth Shreepad Vader Swamiji, observed Chaturmaas here and renovated the Math. The 17th Swamiji, P.P. Shreemad Ananda Teerth Shreepad Vader Swamiji, visited along with Kashi Mathadipati. The 20th Swamiji, P.P. Shreemad Indirakanta Teerth Shreepad Vader Swamiji, carried out the Jeernoddhara. In 1972, P.P. Shreemad Dwarakanath Teerth Shreepad Vader Swamiji (22nd) conducted the Punar Pratishtha after the Garbhagudi was renovated.