Initially serving as the appointed prime minister in the Maratha Kingdom, the office became hereditary when Shahu gave the seat of Peshwa to Bajirao Ballal.

[1][2] The first Peshwa was Moropant Pingle, who was appointed as the head of the Ashta Pradhan (council of eight ministers) by Shivaji, the founder of the Maratha Kingdom.

Under Peshwa administration and with the support of several key generals and diplomats, the Maratha Confederacy reached its zenith, ruling major areas of India.

The subsequent Peshwas brought in autonomy and as a result later on many states were controlled and administered by the Maratha chiefs such as Scindias and Gaekwads.

The leader of this outbreak was Ramji Naik Bhangria, who was an abler and more daring man than his predecessors, and succeeded in baffling all the efforts of the Government officers to seize him.

Ramchandra Pant managed the entire state under many challenges such as the Mughal influx, the betrayal of Vatandars, and scarcity of food.

The appointment of Balaji's son, Baji Rao I, as Peshwa in 1719 by Shahu made the position hereditary in the Bhat family.

The rebellion of General Trimbak Rao Dabhade, the senapati (commander in chief), over Chauthai (revenue collection) of Gujarat is one example of such internal Maratha feuds.

The last Peshwa, Baji Rao II, was defeated by the British East India Company in the Battle of Khadki which was a part of Third Anglo-Maratha War (1817–1818).