Gangnaiks are descendents of the famous Gang dynasty of Karnatak. This dynasty was founded by the Jain Acharya Sinhnandi. The first king of this dynasty Konguvarman was pupil of Sinhnandi. When asked by Konguvarman 'How long our dynasty will exist?' Sinhnandi replied,
'Until you follow Jainism,
Until You don't kidnap wives of others,
Until you don't eat non-vegetarian food
and until you don't show your back to enemies on battlefield,
Your descendents will rule'
This dynasty ruled over eight hundred years, from 3rd to 12the century. Jainism flourished in the period of Gangs. King Durvinit was pupil of Jain Acharya Pujyapada. Chamundrai, the general of Rachmalla II erected 57 feet high statue of Bhagwan Bahubali at Shravanbelgol. The first written Marathi sentence 'Chamundraye Karviyale' is inscripted at the footsteps of this statue. Chamundrai was pupil of Jain Acharya Siddhantchakravarti Nemichandra.
The Gangs and Rashtrakuts were relatives.