I am facing the same issue. Were you able to find a way forward please?

Hi Karthik, I have the same question as yours. Did the account auto-renew using the funds added to the Apple ID linked as Account Holder for the developer account? Thanks!

UPDATE: I have now added funds to the Apple ID (Account Holder) through UPI. Will the developer account membership renew automatically using these funds? Has anyone else gone through this and can share their experience?