Varalakshmi is from the Sanskrit वरलक्ष्मी (Varalakṣmī — vara boon/blessing + Lakṣmī goddess of fortune — boon-granting Lakshmi). Varalakshmi is one of the Sanskrit feminine names — central to traditional Hindu Vaishnava heritage. Sanskrit feminine name reflecting Hindu prosperity-festival heritage.
Varalakshmi does not currently appear in the US Social Security Administration's top 1,000 girls' names, so we don't publish a US rank or birth count for it. That says nothing about the name's standing elsewhere in the world — only that it sits outside the ranked US data we rely on.
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In Pythagorean numerology the letters of Varalakshmi reduce to 7, The Seeker. This is a traditional interpretive system, not a factual claim about the name.