Here Krishna is accompanied by his consorts (Rukmini and Satyabhama), two cows looking up to him while enraptured by the music, his Vahana Garuda in Anjali mudra (on his right) and, possibly, a cow-herd on his left. The Vigraha is framed by a prabhavali.
Garuda is Vishnu’s vahana. Some consider Krishna as not an Avatar of Vishnu, but a form of Vishnu. That may be how Garuda is shown here.
This is meant for home worship. Generally, Venugopala meant for temple worship will have four arms, with the upper arms holding Vishnu’s attributes Shankah and Chakra. One such example on this site is a Ganga Jamuna Venugopala.
This vigraha is about 9 cm in height. It may be from North Karnataka and may date to the eighteenth century.