Peshwa means Prime Minister. Officially Moropant Trimbak Pingleas is considered as first Peshwa appointed by Shivaji Maharaj in 1674. Shivaji Maharaj renamed this designation as Pantpradhan in 1674 but this term is less commonly used. But the tradition of formal and powerful Peshwas can be traced to the Bhat family where Balaji Vishwanath (1662–1720) was the first of a series of hereditary Peshwas hailing from the Marathi Chitpavan Brahmin family who gained effective control of the Maratha Empire during the 18th century.
Last Peshwa was Baji Rao II, who governed from 1795 to 1818. In 1817, Baji Rao II lost to the British in Third Anglo-Maratha War. He surrendered to the British, and agreed to retire in return for an estate at Bithoor and an annual pension.