Kashibai Bhat was the first wife of Bajirao I, the Peshwa (Prime Minister) to the fourth Maratha Chhatrapati (Emperor) Shahu.

Mahadji was a wealthy sahukar (moneylender) as well as the subedar of the Maratha empire in Kalyan, a factor which played a strong role in the alliance of Bajirao and Kashibai.

[4] Mahadji had also helped the reigning Maratha emperor (Chhatrapati) Shahu in his difficulties and as a reward was appointed as his treasurer.

Balaji Baji Rao (nicknamed "Nanasaheb"), was born in 1720 and was later appointed Peshwa by Shahu in 1740 after Bajirao's death.

[13] Mastani died in 1740 soon after Bajirao's death and then Kashibai took care of their son Shamsher Bahadur and made facilities to train him in weaponry.

Built in 1749, the temple stands on a 1.5 acres (0.61 ha) land and is popular for Tripurari Poornima celebrations and finds mention in the Marathi book Sahali Ek Divasyachya Parisaraat Punyachya as a tourist spot near Pune.