Established in 1994–95 by Dr. Ashok Vamanrao Ithape, a renowned cardiologist and social visionary, SMFRI began with a mission to uplift rural communities through accessible healthcare and quality education. Rooted in the values of service, compassion, and progress, the foundation launched its first major institution — Vamanrao Ithape Homoeopathic Medical College — in 2000–01, giving countless students from underprivileged backgrounds the chance to become medical professionals.

The trust rapidly expanded, establishing Vamanrao Ithape D. Pharmacy College in 2005–06 and acquiring over 15 acres of land to build a modern educational campus. By 2007–08, Vamanrao Ithape Polytechnic College was launched with AICTE-approved technical courses like Civil, Mechanical, Computer, IT, AI, and Electrical Engineering, fulfilling the growing demand for industry-relevant education.

In the years that followed, SMFRI continued its expansion into key sectors with the launch of ANM & GNM Nursing courses (2010–11), private ITI programs (2013–14), and postgraduate MD (Homoeopathy) programs (2016), recognized by MUHS and CCH. The institute also introduced B.Sc. Nursing (2017), expanded postgraduate intake (2019), and opened additional pharmacy, Ayurveda, and management colleges between 2019 and 2024 — including Dr. Ithape Institute of D. Pharmacy, B. Pharmacy under BATU, Rukhmini Ayurvedic Medical College (MUHS/NCISM), and MBA, BBA, BCA programs approved by AICTE.

In 2023–24, SMFRI also introduced early childhood education with the launch of FirstCry Preschool, further reinforcing its commitment to lifelong learning.

Today, SMFRI proudly operates over 11 institutions across various streams and continues to grow. From technical education to homoeopathy, nursing, Ayurveda, and management — the foundation’s mission remains the same: to educate, empower, and elevate society through knowledge, compassion, and opportunity.