Raj, who has 738 rating points to her kitty, is behind Lizelle Lee (761) of South Africa and Alyssa Healy (750) of Australia as there was no change in the top-10 batters from the previous rankings.
The men's equivalent of the IPL, the three-team Women's T20 Challenge, hasn't taken place since the 2020 edition in the UAE.
Chasing 100 runs to win in 11 overs in the rain-hit match, 17-year-old right-handed opener, Shafali Verma, fell for 8 (10 balls, 1 four) in the fourth over.
While Mandhana has 709 rating points and Verma has 726, Australia's Beth Mooney climbed a spot to top the chart with 754 points.
Earlier in the all-format series against India last year, Mitchell Starc had pulled out of second and third T20Is to attend to a family illness.
India, who were aiming to post 250 plus regularly to challenge the likes of Australia, could only manage 225 for eight in an innings that never got the momentum it needed.
Australian woman wicket-keeper Alyssa Healy wants to replicate Rohit Sharma's success across formats
The wicketkeeper batswoman is gearing up for the muti-format series against India comprising three ODIs, a day-night Test and three T20s, starting on September 21.
Babar Azam's match-winning 82-ball 94 in the third ODI against South Africa helped him gain 13 rating points to reach a career-best 865 points.
Alyssa Healy on Wednesday became the third Australian women's batter to play 200 games for the country across formats.