The Koregaon pillar inscription features the names of the 49 Company soldiers killed in the battle.
22 of these names end with the suffix -nac (or -nak), which was used exclusively by the people of Mahar caste.
The obelisk was featured on the Mahar Regiment's crest until Indian Independence.
While it was built by the British as a symbol of their own power, today it serves as a memorial of the Mahars.

The Mahars were considered as untouchable in the contemporary caste-based society.
The Peshwas, who were the so-called 'high-caste' Brahmins, were notorious for their mistreatment and persecution of the untouchables.
Because of this, the Dalits (former untouchables), after independence, saw the Koregaon obelisk as a symbol of their victory over the high-caste oppression.
Dalit Leader B. R. Ambedkar visited the site on 1 January 1927.
To commemorate his visit to the site, now thousands of his followers visit the site every New Year's Day.
A number of Mahar gatherings have also been held at the place.
On 1 January 2018, clashes erupted between right-wing Hindu groups and Dalit Buddhist groups during the commemoration of this battle.
This led to further violent protests and rioting in Mumbai and Maharashtra for two days.

However a different perspective is presented by the Dalit scholar Anand Teltumbde.
He has argued that portraying the Battle of Bhima Koregaon as the battle of Mahars against their caste oppression in Peshwa rule, is a "pure myth".
 He mentions that most of those died in the battle (27 out of 49) were not Mahar,  and the Peshwa army actually retreated  fearing the arrival of a larger British force.
Thus he considers  painting of the battle as Mahars’  against the Peshwas’ Brahmanic rule as misleading.
The Koregaon pillar inscription features the names of the 49 Company soldiers killed in the battle. 22 of these names end with the suffix -nac (or -nak), which was used exclusively by the people of Mahar caste. The obelisk was featured on the Mahar Regiment's crest until Indian Independence. While it was built by the British as a symbol of their own power, today it serves as a memorial of the Mahars.
The Mahars were considered as untouchable in the contemporary caste-based society. The Peshwas, who were the so-called 'high-caste' Brahmins, were notorious for their mistreatment and persecution of the untouchables. Because of this, the Dalits (former untouchables), after independence, saw the Koregaon obelisk as a symbol of their victory over the high-caste oppression. Dalit Leader B. R. Ambedkar visited the site on 1 January 1927. To commemorate his visit to the site, now thousands of his followers visit the site every New Year's Day. A number of Mahar gatherings have also been held at the place. On 1 January 2018, clashes erupted between right-wing Hindu groups and Dalit Buddhist groups during the commemoration of this battle. This led to further violent protests and rioting in Mumbai and Maharashtra for two days.
However a different perspective is presented by the Dalit scholar Anand Teltumbde. He has argued that portraying the Battle of Bhima Koregaon as the battle of Mahars against their caste oppression in Peshwa rule, is a "pure myth".  He mentions that most of those died in the battle (27 out of 49) were not Mahar,  and the Peshwa army actually retreated  fearing the arrival of a larger British force. Thus he considers  painting of the battle as Mahars’  against the Peshwas’ Brahmanic rule as misleading.
Battle of Koregaon