This stotra which embeds the 12 syllables of the vasudeva mantra is given in the twenty third chapter of brihad dharma purana and the phalashruti says chanting this regularly, especially on dvadashi thithi (Twelfth lunar day) of phalguna month frees the devotees from sins and lead him to attain the abode of Vishnu.
The kind Vyasacharya has given us this stotra so that we can chant the 12 syllable mantra of lord vishnu without going through the restrictions and rules of chanting it as a mahamantra, we can chant it as a hymn with lesser rules and attain the benefit of chanting the mantra.