Raja Bhagwant Rai was an 18th-century Khichi Rajput ruler of Asothar and Ghazipur in the Fatehpur District of the Indian state of Uttar Pradesh.

In 1543 he came from Khichiwara, better known as Raghogarh, in the central India state of Madhya Pradesh, and married the daughter of the Gautam Raja of Aijhi on the banks of the River Yamuna.

During the reign of Araru Singh and his son Bhagwant Rai, they rose to power and acquired a large estate, with headquarters at a new fort at Ghazipur district Fatehpur.

It was then that the attention of the Mughal Government was attracted, when faujdar of Kara and Kora, Jan Nisar Khan, brother of the Wazir Qamr-ud-din, was killed by Khichar in 1734.

Eventually Qamr-ud-din abandoned the attempt and left Muhammad Khan Bangash to carry on the campaign, but Bhagwant Rai managed to get rid of him, it is said by a payment of money, and then recovered his power, getting the whole of Kora within his grasp.