Sree Vidyodaya Sabha was started by the founder President Late Sri Panditha Rathnam Dharmakari Sreeman Kasturi Rangachar at Mysore on 1st of April 1906 with the intention of providing scholarships, Hostel facility, books, and other necessities to Parakala Mateeya students who were economically weak.
The initiative was funded by the followers of Parakala Math and was soon introduced in the three states of Karnataka, Andhra Pradesh and Tamil Nadu. Unfortunately the founder President could not see the development of the Sabha as he passed away seven months after its beginning. Over time, the Sabha functioned without a President with Sree Thiruvallur Sreenivasa Raghavachar, the Secretary & Treasurer who looked after the activities of Sabha. He collected donations and distributed Scholarships to the students every year regularly and donations were accounted for. During 1937 an effort was made to regulate and revive the Sabha and it was also decided to register the same and have a full-fledged committee with proper Bye Laws. Subsequently the Sabha was registered with the Joint Registrar of Societies, on 15th June 1938 and an office was opened at D.Subbaiah Road, Mysore.
* The first Executive Committee members were.
| Designation | Name of the Member |
|---|---|
| Hon. President | B.R.Krishnamachar, B.A.,B.L Retired District & Sessions Judge, Mysore |
| Hon.Vice President | V.K.Sreenivasan, M.A., Inamdhar, Mysore |
| Hon. Secretary | Thiruvallure Srinivasa Raghavachar, Palace Dharmadikari & Hon. Supdt. Parakla Matham |
| Treasurer | T. VenkataRangan, B.A.,L.L.B.,Asst. Controller , Bangalore |
| E C Member | S.Ramachandrachar, M.A |
| E C Member | Dr. B.V.Varadhacharya, B.A., M.B.C.M |
| E C Member | R. Ananthakrishna Sharma, Telugu Pandith |
| E C Member | S.T.Raghavacharya, M.A |
| E C Member | V.K.Sreenivasa Rangacharya |
| E C Member | V. Dwarakanath, B.A.B.L. |
| E C Member | C.K.Balakrishna , Lawyer |
| E C Member | V. Venkatacharya, M.A.,B.Com. |
| E C Member | V. Sreenivasacharya, Pandith |
| E C Member | Athmakur Dheekshachary, Professor |
After the registration, the office bearers met His Holiness Sri.Sri. Abhinava Vageesha Parakala Swamiji at Parakala Matham with his Holiness assuring the committee a grant of Rs. 300/- every year as donation to Sri Vidyodaya Sabha towards scholarship corpus fund. Sri. Venkatapuram Krishnaswamy Iyangar and his son, Sri. V.K. Srinivasan and family donated their property at Viceroy Road Mysore now known as JLB Road Mysore to the Sabha which was named “Sree Hayagreeva Mandira Hostel”.
The First Annual General body meeting was held on 18th June 1939 at 3.00 PM at Parakala Math, Bangalore under the President ship of Sree B.R. Krishnamacharya, Hon. President.
During the year 1941, a branch office was opened in Bangalore and in 1950 it was decided to institute Memorial scholarships in the name of donors and also start a Co-Operative Society to help students. In 1952 it was decided to construct a Hostel at Parakala math premises in Bangalore. His Holiness, the Parakala Swamiji was kind enough to donate the northern portion of land for construction of hostel Building at Bangalore of the present math building to the Sabha. The Golden Jubilee was celebrated on 4th August 1957 at Sri. Parkala Math, Bangalore with the 21st GBM being held on 26/07/1959 at Bangalore Parakala Math. The Hostel Building at Bangalore was inaugurated during June 1966 by His Holiness, Sree Abhinava Ranganatha Parakala Math Swamiji . However, the Hostel building became dilapidated. The area became too crowded for peaceful study of students. Due to requirement of the Parakala Math, the building was handed over to the Swamiji for improvements of and expanding activities of the Parakala matha