King Madhavman was the contemporary ruler of the Rashtrakuta ruler. These coins that are found alongside Rashtrakuta coinage are count under the assumption that they are either feudatories of this dynasty or they ruled side by side to them. The probability of their ruling under the Rashtrakuta is more possible due to the strength and hold of the Rashtrakutas in the region.

The obverse of this coin depicts a horse is prancing towards the right with a rider/king holding a spear in right and rein in left hand within the dotted border. The reverse of this coin depicts a three-letter characteristic Brahmi legend in the centre. It reads ' Sri Mu/Mha Va/Dha' ( Ma Shri) within the dotted border.

Similar to King Madhavaman their many coins of contemporary rulers found in the region ruled by Rastrakutas. These kings are Aruna, Dharanivarsha, Khumbhakarna, Swamiraja, etc.