The Veetrirundha Perumal Temple in Malayankulam was established by the third Pontiff (Jiyar), Sri Parankusha Yathindra Maha Desikan of the Ahobila Math. He was born in Malayankulam and became a sanyasi (monk) in 1473 A.D. His image is still worshipped near the main sanctum today.
During this time, the Vijayanagara Empire ruled a large part of South India. Sri Parankusha Yathindra Maha Desikan was also closely associated with the ancient Varadaraja Perumal temple in Kanchipuram, one of the 108 Divya Desams (sacred places praised in the Tamil verses or Pasurams of the Azhvars, devoted followers of Vishnu).
The main deity of the Malayankulam temple was consecrated during the Vishaka nakshatra (asterism) in the month of Karthigai (mid-November to mid-December). Therefore, the Avatara Utsavam, a special festival, is celebrated annually on this nakshatra.