Govind Kant, a Sydney businessman, died on Sunday, his company said.
He had travelled to Delhi in April for family reasons.
Mr Kant is believed to be the second Australian to have died in India amid a temporary travel ban imposed after a devastating second wave. Australian officials are yet to comment.
The three-week ban on Indian arrivals ended on Saturday, but more than 9,000 Australians remain stuck in the country.
Mr Kant's sister was quoted by local media as saying that he had booked an Air India flight for 24 April, after failing to get a flight out in mid-April.
But he contracted the virus before his plane was due to leave and was admitted to hospital.
She told Nine News that he had kept saying "get me out of here" even as she tried to keep his morale up.
Mr Kant's firm Trina Solar announced the death of the father of two on social media on Monday. He had been the solar energy firm's Australia manager.
"This is a significant loss to Trina Solar and mere words cannot express the heartfelt sorrow we all feel upon Govind's passing," the company wrote.
"Our deepest condolences go to his wife, two daughters and other family members."