The jubilation of Kathmandu is a combination of festivals. It features the veneration of multiple deities. The Newar name Yenya denotes "Celebration (ya) of Kantipur/ Kathmandu (yen)". The township during the Lichhavi era was called Yen. Its sister cities were respectively called Yala (Lalitpur), Kwopa (Bhatgaon/Bhaktapur) and Kipu (Kirtipur).

The origins of the festivities are very vague. However, the careful analysis presents a similarity to ancient paganistic rituals of Europe. The day of Yenya Punhi aligns with the change of season in this valley. The season transfers from Barsha (Monsoon) to Sarad (Autumn). Reviewing the procedures of various festivals in the valley: evidence is drawn to how the Yasi/ Yosi (Ceremonial Pole) is hoisted to alert the citizens of change. The same was observed in medieval Europe. The ceremonial May Day pole symbolized the advent of spring. A stark similarity to Bhaktapur's Yoshi was erected during Bisakh Jatra to celebrate the end of winter and the beginning of spring.

After the Earth, the festival features associations with the guardian deity of Nepal Kingdom- Bhairava. The association was made during the Licchavi Era. A legend goes as follows:

As instructed, the King merged the existing villages of Koligram (Yambhu) and Dakshin Koligram (Yengal). He defeated rulers of various petty states and created his new city. He also established a beautiful stone spout gilded in gold, Lu Hiti (Gold- dhara/ Sundhara). It featured an intricate water-management system, and royal canals (Rajkulos) channelled river water to the spout. He named the city Suvarna Pranali Kantipur. Here, Suvarna means golden, Pranali means system. Kantipur is a mixture of two words - Kanti, meaning beautiful and pur, which means place.

To celebrate the momentous occasion, he initiated a festival known as Yenya. The word is a mixture of Yen- the Newari name of the city and Ya- celebration. It is also called the celebration inside the town.

It is possible King Gunakamadeva’s celebration overlapped the change of seasons, and the two elements became one.

The inception of Indra in the festival is a great mystery. Indra is a god from the Vedic era. He had deep roots in the classical Indian pantheon, but his worship slowly began to fade. Some believe that due to his nature his worship began to fade. Anthropologist G.S Nepali writes, "The festival of Indra Jatra suggests perhaps the memory of a conflict between the two tribes- the followers of Indra and their opponents. The festival is perhaps an Indo-Aryan feature which survives in Nepal, but is totally forgotten in India."

The goddess of Indraghat arrived in the Nepal Kingdom during the rule of King Dharmadatta. The goddess is referred to as Indrayani, locally known as Manamaiju. The hill where she settled in this valley is referred to as Manamaiju. It could be that after her arrival, the worship of her husband Indra also began.

The third fold of this festival is the female guardian of the Nepal Kingdom- Kumari. A Kumari is a living goddess embodying the energy of the divine feminine. She is worshipped as Taleju Bhawani, Durga or Parvati. During the Malla Era, King Jaya Prakash Malla had an unfortunate encounter. He lost the trust of his tutelary deity Tulaju Devi (today known as Taleju). After multiple requests, she came to his dreams and directed him to begin worshipping a virgin girl of the Bandra (Buddhist Newar) community as her manifestation.

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These elements combined have created an atmosphere of great jubilation. The core activities related to these deities are accompanied by various magical creatures and the presentation of beautiful dances and plays.