The Varalakshmi fasting is observed on the last Friday during Shravana Shukla Paksha and falls just a few days ahead of Rakhi and Shravana Purnima. Varalakshmi, who is the consort of Lord Vishnu, is one of the forms of Goddess Mahalakshmi. Varalakshmi was incarnated from the milky ocean, popularly known as Kshir Sagar.