The name of the place is due to Champaka trees which were found in this place in the ancient times. Jaimini's Bharata ends with the enthralling tale of Prince Sudhanva, son of King Hamsadhvaja of a glorious Champakāpura; successfully invoking Shrī Kṛṣṇa for saving himself from a cauldron of boiling oil (a punishment counselled by ministers Shaṅkha and Likhita).
Here an ancient Temple of Sri Srinivāsa Perumāḷ is situated which, according to the Sthala puraṇam, dates back to Dvāpara yuga. King Sudhanva worshipped Lord Śrīnivāsa.
After his rule, the place was under ruins. The idol of Lord Srinivasa was hidden in an termite mound. Nārada accompanied by the Gandharvas used to worship the deity every night.
A villager noticed a bright light in the termite mound and to his astonishment - found the mūrti of śrinivasa Perumāḷ in it. They built a temple as it is now in that place.