Narayanrao (August 10, 1755 – August 30, 1773) had become Peshwa of the Maratha Empire after the death of his brother Madhavrao Peshwa in 1772.

Madhavrao had been a minor when appointed Peshwa.

Raghunathrao, appointed as the regent to the young Peshwa, had soon fallen out of favor with Madhavrao and even tried to conspire against him by joining the Nizam of Hyderabad against the Peshwa.

The alliance had been defeated at Ghodegaon, and Raghunathrao had been placed under house arrest.

After Madhavrao I's death, Raghunathrao had been released from house arrest.

He then became the regent of Madhavrao's younger brother Narayanrao.

Together with his wife Anandibai, he has his nephew Narayanrao murdered by his palace guards in August 1773.

Narayanrao's widow, Gangabai, had given birth to a posthumous son, who was legal heir to the throne.

The newborn infant is named 'Sawai' Madhavrao (Sawai means "One and a Quarter").

Twelve Maratha chiefs, led by Nana Phadnavis, direct an effort to name the infant as the new Peshwa and rule under him as regents.

Raghunathrao had been tried, convicted, and sentenced to death by the justice Ram Shastri Prabhune but the sentence has never been carried out.

At Kasegaon near Pandharpur the first battle between the Baarbhai and Raghobadada takes place in 1774.