Madhavrao was born on April 18, 1919, in Jamkhandi, Karnataka, his native village is Miraj in Sangli district. Madhavrao and Dada are the eldest among one brother and four sisters. At the age of 8, he left for Kirloskarwadi, due to the poor financial situation of the household. At the age of gardening in Kirloskarwadi, K. Under the guidance of Anandrao Phalnikar and Rambhau Bhirangi, he took lessons in craftsmanship in the industrial sector. He acquired technical knowledge of machinery at an early age.

After five years in Kirloskarwadi, five years in Kuper Engineering Satara, and sometime in a factory in Mumbai, after working on complex, delicate, and skillful machines, he reached Kolhapur during the outbreak of plague in 1945. This was the turning point in his life. When he came to Kolhapur, Madhavrao had a modest capital of only 19 rupees in his pocket. But his enterprising nature did not let him rest. He then started a workshop in partnership with entrepreneurs Charane Arwade, and Sitaram Karjagar. He supported his family by doing small jobs. 

After doing this business in partnership for a few years, he planted a business group with the help of a lathe machine and half a block that came to him. Madhavrao, who was working in a workshop in Lakshmipuri till 1952, shifted his industry to Shivaji Utyad Nagar in 1952 and initially started manufacturing spare parts for Cooper engines. 

With tireless hard work, skill, and determination, he created his own Karjgar Oil Engine in the year 1958 under the name (M.K. Monogram). 

In 1959 VJTI (England), Bombay Division, their oil engine became the first choice. At that time, the oil engine was manufactured in Kolhapur. Also exported to the nation. During this period, he also took up the production of sugarcane charak (dit) required for the radio Jggery production of Kolhapur. These Charaks were sold in various provinces across India. At that time, there was 50 more demand for the Charakas and Oil Engines of Karjagars that farmers and buyers buy. They used to come to his factory in large numbers. Accommodating the changes in technology with the times, Madhavrao modernized his industry by importing various world-class high-cost machinery. 

In 1964, he brought the latest expensive machines like WMV toss boring, gear hob, radial drill machine, centerless grinder, surface grinder, etc. to Kolhapur from abroad. He also developed a molding machine for automation. Madhavrao was known as an expert in engine cracks. The boom of his industry was so great that at that time around 250 workers were working in his factory. Meanwhile, he developed his foundry to produce the castings required for his products. At this time he told his cousin. Sitaramkaka took Karjagar with him handed over the crusher division to him and developed it. He started a workshop for his brother and got him to work. Later he took up the manufacture of electric motor pumps. They wanted to manufacture their independent tractors. He also intended to open an engineering college for entrepreneurs in Kolhapur. But that dream remained unfulfilled. He had a great passion for foreign-made four-wheelers. During his career, Madhavrao achieved financial stability in his life by handing over the manufacturing works of small and large parts of his industry to many needy small entrepreneurs in Kolhapur. Madhavrao did the important work of making his family happy along with giving a lot of work to the hands of the small workers, and artisans and increasing their economic life during his career with great joy and affection.