According to ISRO officials, the spacecraft was placed in a halo orbit around Lagrange point 1 (L1) of the Sun-Earth system, about 1.5 million km from the Earth.
The Test Vehicle mission with this Crew Module is a significant milestone for the overall Gaganyaan programme as a nearly complete system is integrated for a flight test.
The space agency's Telemetry, Tracking and Command Network (ISTRAC) carried out the operation.
NASA's DART spacecraft successfully slammed into a distant asteroid at hypersonic speed on Monday.
The Inspiration4 team blasted off on Wednesday from the Kennedy Space Center in Cape Canaveral atop one of SpaceX's two-stage reusable Falcon 9 rockets.
The mission was part of a fiercely competitive battle between Bezos' Blue Origin and fellow billionaire Richard Branson's Virgin Galactic to tap a potentially lucrative space tourism market.
Sirisha Bandla, a 34-year-old aeronautical engineer, is set to become the third Indian-origin woman to head to space when she flies as part of Virgin Galactic's first fully crewed flight test on Sunday.
NASA hailed it as an achievement that would help pave the way for a new mode of aerial exploration on Mars and other destinations in the solar system, such as Venus and Saturn's moon Titan.
Moments after touchdown, Perseverance beamed back its first black-and-white images from the Martian surface.
Once down, the six-wheeled Perseverance should be the best driver Mars has ever seen, with more autonomy and range than Curiosity.