Nana Rao Park is also known as Company Bagh. It was called Memorial Well during the British rule because the Indian freedom fighters under the leadership of Nana Sahib put to death some 200 British women and children during the 1857 war of independence. The building in which the massacre took place was called Bibighar. The bodies of the victims were thrown in a well located close to it. The park is thus of great historical importance with regards to the Indian Freedom Movement.
The British soldiers used the area close to it for prosecution of Indians to seek revenge against the death of their compatriots. They forced the people of Kanpur to pay 30,000 pounds to erect the memorial building.
The government of India pulled down the British memorial after the Independence of the country. The park currently has the statues of the great leaders of the 1857 struggle such as Tatya Tope, Ajizan Bai and Rani of Jhansi.