The Varad Vinayak temple located at Mahad in Kolhapur district is considered to be the fourth of the Ashtavinayaks. Varad Vinayak is the form of Ganesha who fulfills the wishes of devotees and whose fasting according to the rules fulfills all the wishes. Varad Vinayak Chaturthi or Vainayaki Chaturthi fasting is observed at midday on the Chaturthi of Shukla Paksha every month.

According to mythological legends, the prince of Kaundinya kingdom, Rukmanagad once reached the hermitage of sage Vachkanavi to rest while hunting in the forest. Seeing the beauty of Rukmanagad, the sage's wife Mukunda fell in love with him and expressed her desire to have physical relations with the prince. But the virtuous Rukmanagad, considering this to be inappropriate, refused the advances. Indra Dev, who was passing by at that time, saw Mukunda saddened by this. Devraj Indra's feelings towards her aroused and he came disguised as Rukmanagad and formed a relationship with Mukunda. After a few days, Mukunda gave birth to a son named Gritasambad.

After growing up, when Gritsambad came to know that he was an illegitimate child, his heart shrinked with grief and left the ashram cursing his mother. He started wandering in the forest day and night, condemning his fate. When he got tired, Gritsambad started praising Bhagwan Ganesha to calm his mind. Pleased with his devotion, Bhagwan Ganesha appeared to him and gave peace to his tormented heart. Accepting the prayer of Gritsambad, Bhagwan Ganesha established himself in the form of Varad Vinayak at the same place.

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