Balaji Vishwanath (1713 - 1720):

Helped Shahu in consolidating his position & was thus given the title of 'Sena Karte' in 1708.

- As the Peshwa, he made the post most powerful & hereditary.

- 1719 - concluded an agreement with Sayyid Hussain Ali called the Treaty of Delhi by which Farukh Shiyar recognized the 'Swrarajya' its king.

Baji Rao (1720 - 1740):

- Greatest exponent of Guerilla tactics.

- Popularised the idea of Hindu pad padshahi or Hindu empire.

- He defeated the Portuguese (1733) & Nizam-ul-Mulk & also succeeded in weakening the Mughals.

- Under him several Maratha families became prominent & entrenched themselves in various parts.

Balaji baji Rao (1740 - 1761):

- Also called Nana Saheb.

- Under him the supreme power passed into the hands of the peshwa, when he imprisoned Ramaraja, the successor to Shahu, at Satara, through the Sangola Agreement (1750).

- Reached an agreement with the Mughal emperor, Ahmad Shah in protecting the empire from (esp) invasions of Ahmad Shah Abdali of Afghanistan & others.

- 1761 - Third Battle of Panipat resulted in the death of Nana Saheb, Heart broken by the death of his son, viswas Rao & his cousin, Sadashiv Rao Bhau.

Madhav Rao (1761 - 62) :

- Witnessed the division of Maratha kingdom into Semi independent states-

i.Holkars at Indore
ii.Bhonsles at Nagpur
iii.Scindhias at Gwalior
iv.Gaekwads at Baroda