Hi Karthick,
If you are seeing anything on the module, then the contrast is fine. Having a glitch on power-up is not unusual, and it sounds like it helps in that it proves you have contrast.
I have never used a serial LCD (I usually opt for the 4-bit parallel interface), but the initialization sequence on the parallel interfaces are pretty particular about timing. I would think the serial interface would take care of that for you, but it is another thing to look at.