Built around 1785, the history of this temple is supposedly connected with the building of the Hornby Vellard. Apparently after portions of the sea-wall of the Vellard collapsed twice, the chief engineer, a Pathare Prabhu, dreamt of a Lakshmi statue in the sea near Worli. A search recovered it and he built a temple for it. After this, the work on the vellard could be completed without a hitch.