The temple of the Tryamboli Devi is located on a lofty hillock to the east of Kolhapur. According to the Karveer Puranas, Temblai or Tryamboli or Trymbuli the younger sister of Mahalaxmi in conquest of a quarrel with Mahalaxmi left Kolhapur and retired to the hill. The reason for quarrel being she was neglected in the celebration of victory in war with demon Kola by gods. So she got annoyed and went and sat on Tryambuli hill. When her absence was noticed Mahalaxmi, She sent some Gods to fetch her. But she would not come.

Finally Mahalaxmi herself went there with a Kohala or pumpkin to remind her of an incident in fight with Kola, the demon, but the Tryamboli was not moved. The incident occurred on the 5th Ashwin. Even today, Mahalaxmi is said to pay her sister one visit in honor of Goddess Tryamboli. An image of Mahalaxmi is placed in a pitcher and carried in procession to the hill and Kohala or pumpkin is afterwards cut to pieces by an unmarried girl in memory of the destruction by the deity of a giant named Kolasur. The fair is attended by large crowd. Sweetmeats and other eatables as well as toys are offered for sale.