Initially known as the New Poona College, this iconic landmark in Pune was inaugurated by the British Governor Lord Willingdon in 1916.

It was later renamed as the Sir Parashurambhau College, as a mark of gratitude towards the Rajasaheb of Jamkhindi state who donated a generous sum of Rs 2 lakhs in the memory of his father. The Shikshan Prasarak Mandali governs SP College.