During the epic struggle against the political and cultural invasion of India by the Afghans, the Marathas faced the invader Ahmad Shah Abdali in the Third battle of Panipat. One of the chieftains in the Maratha side was a warrior named Malhar Rao Holkar. He was given a secondary task during the battle which created a fallout between him and the Peshwa (ruler).
After the Marathas were soundly defeated in the battlefield, a treaty was signed which heralded the wane of the powers of the Peshwa. It brought about the rise of the petty chieftains among whom the Holkars, the Scindhias and the Gaekwads were the most powerful.
Malhar Rao Holkar was granted control of the Maratha armies in the Malwa plateau in 1724 and by 1733 he had become the Maratha governor of this area. He founded the Holkar dynasty. His subsequent successors, chronologically, were
- Maharaja Malle Rao, 1764-1766
- Rajmata Ahalya Bai, 1765-1795
- Maharaja Tukoji Holkar, 1795-1798
- Maharaja Yeshwant Rao, 1798-1811
- Maharaja Malhar Rao (II), 1811-1834
- Maharaja Martand Rao, 1834
- Maharaja Hari Rao, 1834-1843
- Maharaja Khande Rao, 1843-1844
- Maharaja Tukoji Rao (II), 1844-1886
- Maharaja Shivaji Rao, 1886-1903
- Maharaja Sir Tukoji Rao (III) Holkar, 1903-1926
- Maharaja Sir Yeshwant Rao (II) Holkar, 1926-1961
- Maharani Ushadevi Holkar, 1961- Present
