The present article basically seeks to look into the emergence and spread of exchange centres, popularly known as maṇḍapikās and haṭṭas, in western India during the early medieval period (c. 600–1300 ce). Large-scale land grants, introduction of better means of irrigational facilities such as araghaṭṭa and vāpī acted as catalyst for the growth of agrarian economy, leading to the availability of marketable surplus. All this altogether led to dynamic upsurge in trading activities, ultimately providing a favourable ground for the rise of exchange centres in different parts of Rajasthan and Gujarat. Political ini- tiative by the rulers, rise of temple economy, organisation of fairs and festivals and the spatial context of an exchange centre were enabling factors. Merchants and merchant groups also in their capacity played a crucial role in the growth of exchange centres during this period.