Tradition has it that Madhava (the generally accepted pre-ascetic name of Sri Vidyaranya) was the elder of two Brahmachari brothers belonging to a poor but learned Brahmin family of Ekasila Nagari (present-day Warangal). The younger of the two, wandering south in search of true knowledge, reached Sringeri when the great Vidyashankara Tirtha was the reigning pontiff. On seeing the innate greatness of the young Brahmachari, Sri Vidyatirtha readily gave him sanyasa diksha with the ascetic name of Bharati Krishna Tirtha in 1328 A.D.

In the meanwhile, Madhava left home in search of his younger brother. After much wandering, he finally reached Sringeri where he found his brother as the junior pontiff Bharati Krishna Tirtha. At the junior pontiff’s request, Sri Vidyatirtha readily gave Madhava sanyasa diksha in 1331 A.D under the ascetic name of Sri Vidyaranya, in other words, verily a forest of knowledge. Sri Bharati Krishna Tirtha, though younger than Vidyaranya became his senior by virtue of his earlier ordainment into Sanyasa Ashrama and came to be known as the senior Sripada and Vidyaranya the junior.

Sri Vidyaranya then started on a pilgrimage and reached Kashi. At the direction of Sri Vyasa, he went to Badrikashrama where the great sage himself initiated him into Sri Vidya. Returning south, he retired to Matanga hill, near Hampi, where he immersed himself in intense meditation. It was at this time that the two brothers, Madhava and Sayana, the sons of Mayana of Bharadwaja Gotra, approached Sri Vidyaranya and sought his blessings. Sri Vidyaranya graciously gave them his unfinished Veda bhashyas and some other works. He blessed them to complete the works in their own names as Madhaviyam and Sayaniyam. Later, both the brothers served as ministers in the Vijayanagara empire under Bukkaraya and Harihara I and II. At Sringeri, Sri Vidyatirtha attained Mahasamadhi by entering into Lambika Yoga Samadhi and Sri Bharati Krishna Tirtha succeeded him as the 11th Jagadguru of the Sringeri Mutt and reigned from 1333 to 1380 A.D.

Source - Sri Sringeri Sharada Peetham