Gaurav,
The short answer is: Yes it does.
The long answer is that PMI-ACP stands for "PMI Agile Certified PRACTITIONER" and not PMI Agile Certified PROJECT MANAGER". This is why the experience that you need is specifically defined as "working on project teams". You don't need to be a PM. My recommendation:
1.) Look at the PMI-ACP Handbook
www.agileprepcast.com/handbook
-- page 6 specifically details the experience you need.
2.) Look at the PMI-ACP Exam Outline
www.agileprepcast.com/content
and read the various tasks in the 7 domains. This is the type of work/experience that an Agile practitioner needs in order to pass this exam.