Madhavrao was the son of Nanasaheb Peshwa. He was born in Savnur in 1745. At the time of his birth, the Maratha Empire was stretched across a sizeable portion of Western, Central and Northern India. On 9 December 1753, Madhavrao married Ramabai in Pune.
Nanasaheb had expanded the Maratha rule to a great extent and had tried to establish better governance in the empire. However, during the Third battle of Panipat which was held on 14 January 1761, he was responsible for certain decisions which were partially responsible for the terrible defeat of the Marathas against Ahmad Shah Abdali. The Marathas suffered heavy losses including Nanasaheb's eldest son Vishwasrao and cousin Sadashivrao Bhau. Unable to bear the sufferings, he died of depression at Parvati in Pune.
After the death of Nanasaheb, on 23 June 1761, the sixteen year old Madhavrao was made the next Peshwa of the Maratha Empire. Nanasaheb's brother Raghunathrao was to assist him in the administrative affairs.
At the ascendancy of Madhavrao, the Maratha empire was in complete shambles as their defeat at Panipat had accumulated big debts to their wealth. At Shaniwarwada, the prime residence of the Peshwa, religious rituals and ceremonies were frequently being conducted. The discipline required for the smooth running of administrative affairs was almost non-existent. The security at the treasury was poor. When these weaknesses were brought to Madhavrao’s notice and he introduced changes by personally looking into the administration, accounts and the treasury. He also reduced the religious practices being followed at Shaniwarwada.
In February 1762, the Peshwas set out to conquer Karnataka. This was one of the earliest wars against the Nizam when conflict arose between Madhavrao and his uncle Raghunathrao. Due to difference of opinion between the two, Raghunathrao decided to abandon the troop midway and return to Pune, while Madhavrao continued. Eventually, a treaty was signed with the Nizam and he returned. Both Madhavrao and Raghunathrao had their preferences even over the Sardars (Generals). Madhavrao usually preferred the company of Gopalrao Patwardhan, Tryambakrao Mama Pethe, Nana Phadnavis and Ramshastri; while Raghunathrao was dearer to Sakharambapu, Gulabrao and Gangoba Tatya.
On 3 December 1767, the British officer Mastin arrived in Pune. The colonial rulers wanted to setup their armies in the regions of Vasai and Sashthi, but Madhavrao had anticipated their intentions. Mastin’s repeated requests to acquire these regions in return for conquering the Hyder Ali fell on deaf ears, the Peshwa never agreed to them.
The incident occurred on the evening of 7 September 1769. Madhavrao was returning from the Parvati temple at Pune with his comrades, when one of his generals Ramsingh suddenly attacked him with a sword. Fortunately, Madhavrao was warned just in the nick of time and he suffered a blow from the sword on his shoulder, as he tried to dodge Ramsingh. Madhavrao believed that this was Raguhnathrao’s attempt to murder him, but he imprisoned General Ramsingh.
In June 1770, the Peshwas set out to conquer the Hyder Ali for the third time. However, Madhavrao was infected with Tuberculosis which started deteriorating his health. He had to return back from Miraj, as the effects of the disease had started becoming prominent. He was even recommended an English doctor for the treatment of the terrible disease, and he would follow the advice given by the doctor. However, there were no signs of improvement and slowly it started developing further. The disease had affected his intestine, and often Madhavrao would cry out to his comrades for a dagger to rip his bowels apart. Such was the intensity of pain which Madhavrao had to undergo in his last days, since there was no cure for Tuberculosis in those times. Tuberculosis was also termed as “Raj-Yakshma”, or the prince of diseases. Madhavrao decided to spend his last days in his favourite temple of Chintamani (Lord Ganesh) at Theur, near Pune.
On 6 October 1772, Raghunathrao tried to escape from the house arrest at Shaniwarwada, but he was caught again. Madhavrao had become excessively weak, and he could no longer bear such incidents. He had constructed a garden, a wooden hall and a fountain outside this favourite temple.
18 November 1772, early morning approximately at eight: Madhavrao breathed his last at the temple premises of Chintamani, Theur. Thousands of citizens visited the site and paid their last respects to the great leader. His wife Ramabai was also mentally prepared for his death; she performed Sati during his cremation on the same date. Madhavrao was cremated on the banks of the river which was about half a mile from the temple. A small memorial carved out of stone rests today at this place as a reminder of this great leader and his loving wife.
"And the plains of Panipat were not more fatal to the Maratha Empire than the early end of this excellent prince…"