Panchkuva, literally five wells, area derived its name the five wells in the area. Amritavarshini vav was completed in 1723 as per Devanagari and Persian inscription ( Vikram Samvat 1779/A.H. 1135 ) in the stepwell. It was built by Raghunathdas, diwan to Haidar Quli Khan, who was the governor of Gujarat during his stay in the city in 1721–1722 for charitable purpose