Rishabhadeva is considered as the first real founder of Jainism. He is the first Tirthankara in Jainism and is also said to have live million years ago.
According to legends, Manatunga Āchārya was chained and imprisoned by the local King Bhoj. Manatunga Āchārya composed this stotra (hymn) in the prison. With the completion of each verse, a chain broke, or a door opened. Manatunga was free when all the verses were finished.
The Bhaktamar Stotra had 52 stanzas earlier but because of their power they were removed and now there are 48 stanzas at present. Every stanza has four parts. Every part has 14 letters. The complete panegyric is formed by 2688 letters. It is said that some specific stanzas are miraculously effective for fulfilment of different purposes.