Princes Usha Devi was born in Paris, the capital of France, on 20 October 1933 as the only daughter of Shreemant Yashwant Rao Holkar and Sanyogita Raje.  The young princes lost her mother when she was just 4 years old.  Her father Maharaja Yashwant Rao arranged her schooling in France and America.  In 1943, she had been called by her father to Indore and arranged special linguistic training in Hindi and Marathi which continued for some years.  In 1951, she has gone to London for higher studies and exhibited her talents throughout her stay there.  Even though she has spent considerable time of her life in foreign countries she kept alive her inclination towards the spiritual and cultural heritage of Malwa.

Her marriage was solemnized on 12th December 1956 at Mumbai with Mr. Satish Chandra Malhotra, an enthusiastic entrepreneur.   

Usha Devi Maharani Sahiba Holkar (Malhotra) XV Bahadur, Maharani of Indore and her husband Satish Malhotra

Maharaja Yashwant Rao departed for heavenly abode on 5th December 1961. Usha Devi was appointed as the successor of Holkar State in a grand ceremony in presence of the then President of India Dr. Rajendra Prasad, Prime Minister Jawahar Lal Nehru and Home Minister Sardar Vallabh Bahi Patel.  She has also been conferred with the title of Maharani of Indore.