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Harmanpreet, who played the semifinal despite suffering from illness, was leading her side's charge of chasing down Australia's 172/4.
Captain Harmanpreet Kaur's fifty could not help India to victory as the holders prevailed by 5 runs.
The first edition of the WPL will be played from March 4 to 26 in Mumbai at the Brabourne Stadium and D Y Patil Stadium.
The win has taken England to the semifinals while India will play Ireland on February 20.
India won by 6 wickets to make it two wins in the world cup in Cape Town.
Kiwi all-rounder Suzie Bates went unsold.
On a day when 10 Indian players got crore-plus deals, skipper Harmanpreet Kaur came much cheaper for Mumbai Indians at nearly half the price of Mandhana at Rs 1.8 crore.
Minnu will be part of a star-studded Delhi squad consisting of Australian skipper Meg Lanning, Indian Under-19 World Cup-winning captain Shafali Verma and Indian batter Jemimah Rodrigues.
India defeated Pakistan by 7 wickets with Jemimah Rodrigues scoring an unbeaten fifty.
Seven Kerala all-rounders are also in the fray.