Guwahati, Feb 12: Nothing more cheering to hear that a company from Meghalaya has secured an investment from two sharks at Shark Tank India.
The company Eriweave Pvt Ltd secured an investment of ₹20 lakhs for 12% equity from two esteemed Sharks, Anupam Mittal and Namita Thapar, in Season 4. This is the first company from Meghalaya to get a deal at Shark Tank India.
EriWeave is a Meghalaya-based brand specializing in handwoven Eri silk products crafted by local women artisans.
The company is dedicated to fostering sustainable economic development in her community by manufacturing and promoting organically dyed Eri silk yarn and fabric. Using locally sourced Eri silk cocoons, Eriweave creates a range of authentic, handmade stoles, scarves, and running fabrics. The uniqueness of their products lies in their ethical design and colour combinations, which stand out from other parts of India, and the handmade artistry that machines cannot replicate.
Shark Tank India is an Indian business reality series that airs on Sony Entertainment Television and Sony LIV. The show is the Indian franchise of the American Shark Tank. It features entrepreneurs making business presentations to a panel of investors or sharks, who decide whether to invest in their companies.
How did it start?
In the ancient village of Iapngar, sericulture was a time-honoured tradition, primarily centred around the consumption of Eri Silkworms. However, it was in the early 70s that the enchanting art of Eri Silk Spinning and Handloom weaving found its way to Iapngar, brought by the visionary ‘Kristina Dris Lyngdoh Thaiang.’ Passing on her craft, Kristina inspired a legacy, with one of her students, Kong Prissila Rymbai, becoming a torchbearer.
The spark for this initiative ignited in 2018 when a scarf order fell behind schedule due to yarn scarcity, prompting Kong Iaishah to ponder the limited knowledge of spinning and weaving in the area. Determined to bridge this gap, she rallied a team and collaborated with Raid Iapngar Handloom Weaver Cooperative Society. With the cooperative’s support, EriWeave emerged, not just as a brand but as a movement empowering women, reviving sustainable clothing, and breathing life into the age-old art of handlooms.
Founded in 2019, by Kong Iaishah Rymbai, Eriweave has, over the past four years, supported the livelihood of over 100 families. Despite the challenges, they have scaled their business to achieve their goal of sustainable economic development in their community.
Incorporated in 2022, Eriweave launched its brand the same at PRIME Startup Hub, Shillong. Their main markets are Shillong and Delhi, with a few online customers in Mumbai and other states. The best-selling products are the stoles, which contribute to 70% of their total sales revenue.
Hand Spun Eri Silk Yarn is being produced by the Women of Iapngar, Ri-Bhoi District, Meghalaya.
PRIME Meghalaya said it is incredibly proud of Iaishah Rymbai founder of Eriweave Pvt Ltd who has successfully secured an investment.
“Iaishah’s entrepreneurial journey has been driven by a mission to revive and sustain Eri silk production, fostering community pride in handloom weaving and traditional craft. Despite numerous challenges, her vision for sustainable economic development through Eri silk farming and handloom weaving has remained steadfast. The commitment to this vision is evident in the innovative and creative aspects of Eriweave, where every product is a testament to the rich cultural heritage of her community” an official from PRIME Meghalaya said.
“We are committed to making entrepreneurship a preferred career choice for the youth of the State through the creation of a dynamic and collaborative ecosystem that enables easy availability of credit, relevant technology, skilling and mentoring support and access to high leverage markets” the official said.
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