Founded by Natalia Nikitina and a group of like-minded people, in the autumn of 1989, the Theatre of Rains was located in a small space, with only 45 seats, in the building at 130, Fontanka River embankment.

The theatre's repertoire is based on such masterpieces of the world literature as: "The Seagull," "Three Sisters," "Uncle Vanya" by Anton Pavlovich Chekhov, "At the Bottom" by Maxim Gorky, "The Heartbreak House " by Bernard Shaw, "Dangerous Turn" by John Boyton Priestley.

The play "The House That Swift Built" by Grigory Gorin, directed by Natalia Nikitina, took part in the Winter Avignon International Festival in 1992 still goes on at the theatre and is still very popular among the viewers.

In 2002, the production of the theatre based on the play by William Gibson "Rag Dolly" became the winner of the festival "Theatres of St. Petersburg for Children," and in 2018 the play "Really, will we always?..." won three awards of this festival: for scenography, costumes and acting duet.