Raghvanshi was admitted to Delhi's Safdarjung hospital where he succumbed to swine flu.
His cremation will take place here later in the day, a family member told PTI.
Raghvanshi, 65, was the head of the foreign languages department of Agra University till last year and was an active member of CPI.
As the general secretary of Indian People's Theatre Association (IPTA), he kept alive the theatrical heritage of the Braj area and trained a long line of performers over the years.
Raghvanshi is survived by his wife Bhavna, a son and a daughter.