Abhilash Tomy was rescued by a French fishing vessel, Osiris, on Monday after an international effort was launched when a storm rolled his boat 360 degrees during the Golden Globe race on Friday.
The 39-year-old skipper, who is also an Indian naval officer, injured his back badly and was unable to move after his boat was hit during a storm.
Both masts on his 36ft-long boat, Thuriya, were taken down by the storm and were seen hanging over the vessel’s side.
His boat has been floating about 1,900 miles south-west of Perth since the incident.
He first issued a code red alert from his boat on Friday which said: “ROLLED. DISMASTED. SEVERE BACK INJURY. CANNOT GET UP.”
Organisers of the 30,000-mile race said the stricken sailor was “as far from help as you could possibly be”.
A fellow Golden Globe competitor, Gregor McGurkin, was believed to be the best option to rescue Mr Tomy.
His boat was also battered by the storm and he was fixing his boat to travel about 100 miles to get to his fellow sailor.
Mr McGurkin was then going to abandon his own boat and jump or swim across to provide him with “immediately medical assistance”, race organiser Barry Pickthall said.
Osiris was then going to pick up the two sailors in the next 16 hours.