Buddha Krakuchchanda was the first buddha of the current aeon which is called Fortunate Aeon (skt. Bhadrakalpa). According to the Bhadrakalpika Sutra it is said that one thousand Buddhas would appear in succession. The present Buddha Shakyamuni is the fourth in rank.

Buddha Krakuchchanda was born in the city of Ksemavati. Buddha Krakuchchanda parents were brahmana Agnidutta and Visakha/Visvacini Devi. Buddha Krakuchchanda wife was Virocamana and his son was Uttara. Buddha Krakuchchanda enjoyed his worldy life for 4,000 years. After his great renunciation he practised penance for eight months. Buddha Krakuchchanda attained supreme enlightenment at the foot of Sirisa tree. He gave his first sermon to 84,000 monks near the city of Makila. In the course of his buddha activity he visited Kathmandu valley to pay homage to lord Swayambhu with his disciples including the king of Saketa Dharmapala, the priest Gunadhoj brahmana and many others. At that time, Jyotipala Bodhisattva, who was to become Shakyamuni later, was serving the Buddha Krakuchchanda with great faith and devotion. The Buddha Krakuchchanda after paying homage to lord Swayambhu and Nairatmya Devi, ascended on the Siddhifullochcha hill i.e. Northern hill of Kathmandu valley, popularly known these days as Shivapuri Hill.

Buddha Krakuchchanda gave many different kinds of teachings on Hinayana, Mahayana and Vajrayana. He delivered specially 37 factors of enlightenment in this mountain area. Seven hundred monks were given initiation. At that time there were no traces of water. Buddha Krakuchchanda through his miraculous utterance issued forth a stream of water and hence the name Bagmati. He is depicted in varadamudra with the left hand holding the fold of the robe.