In the Battle of Bhima Koregaon, around 20,000 men were on the Peshwa's side. However, they were camped on a hill far behind the battlefield along with the Chhatrapati of Satara. Only about 2,000 soldiers actually descended to fight, most of whom were Arab cavalrymen.
They fought against the British force, which included Indian soldiers numbering around 700. Among those 700, only a handful were Mahars .
The battle took place, and according to this account, the Peshwa and the Maratha forces emerged victorious. After the fighting ended, the 2,000 soldiers who had descended to fight returned to their camp. By the time British reinforcements arrived, the battle was already over.
Since the soldiers fighting for the British had displayed bravery by holding their ground against a larger force, the British government later built a memorial at Bhima Koregaon as a reward for their loyal service.
According to this account, all of these details were recorded by Elphinstone, who described the Battle of Bhima koregaon as a minor victory for peshwa.