Deccan Education Society was founded by Shri Gopal Ganesh Agarkar, Shri Lokmanya Bal Gangadhar Tilak, Shri Vishnu Shastri Chiplunkar and Shri Mahadev Ballal Namjoshi. Soon Shri Vaman Shivram Apte also joined them and he was the first Principal of Fergusson College, Pune, in 1885.

Rajarshi Chhatrapati Shahu Maharaj was the first President of Deccan Education Society.