Shringeri is one of the 4 'Mathas' founded by Jagatguru Shankaracharya the. Shri Vidya Shankar Bharati, the ruling Shankarcharya there founded this 'Math' at Kolhapur in 13 A. D., The main reason was the religious importance Kolhapur had assumed then. No wonder if the Swami thought that they should have their 'Math' at the great holy place of Maha Laxmi and which is considered as the 'Deccan Kashi.' 'Abhinawa Panchaganga teerwas, Kamala Niketan Karveer Simhasanathishwar Shri Vidya Shankar Bharati Swami' are the phrases forming the title of this chief. This clarifies that Panchaganga Bank & the Maha Laxmi temple were the attractions for the Shankaracharya. It also accounts for Selection of site for the 'Math' on the Panchaganga Bank.
Another season can be told for the choice. 'Math' means burial ground. This cannot be forgotten. It is desirable that the 'Samadhi' (Tomb) should be on the bank of a river. So Shankaracharya chose this site.