Indian startups raised $203.4 million across 21 deals in the week of September 21-25, about 3.4 times the $58.9 million logged the previous week, according to Inc42 data. The haul was led by electric two-wheeler maker Ultraviolette's $85 million round and AI startup Ema's $77 million round.

Ultraviolette, which sells the F77 and X-47 electric motorcycles in India and 20 European markets, raised the capital in a round led by Yali Capital and TDK Ventures, with Walden International chairman Lip-Bu Tan joining as an investor and adviser. The company plans to enter the US market in 2027 and is building a plant with 500,000-unit annual capacity.

Ema, an application-layer AI startup, raised $77 million in a Series B led by Creaegis with Accel, S32 and Prosus, according to the data. Smaller rounds included Rivet's $10.5 million seed led by Peak XV Partners.

The rebound suggests venture funding is stirring again ahead of the festival season. Whether the momentum survives October's typically cautious investor mood is now the number to watch.