Ri-Bhoi’s Eri Weave bags Shark Tank deal

SHILLONG, Feb 11: “There is nothing that women cannot do in this country,” said Namita Thapar, Executive Director of Emcure Pharmaceuticals, on Tuesday’s episode of Shark Tank India, and this was after she awarded a cheque of Rs 20 lakh as against 12 per cent equity to Iaishah Rymbai from Ri-Bhoi, Meghalaya, with her daughter to present her venture, Eri Weave.
Iaishah, a school teacher and handloom weaver, founded Eri Weave in 2019. The idea took root in 2018 when a scarf order was delayed because of yarn scarcity. This challenge led her to explore local spinning and weaving techniques. Her efforts were later recognized at the National Handloom Day 2022 at Umden Diwon Eri Silk Village. Today, Eri Weave supports around 100 women and has impacted several families in the community.
Eri Weave produces Eri Silk, a fabric known for its thermoregulatory properties and comfortable feel. The production process is labour intensive, and the quality of the scarves caught the attention of the judges on the show.
Rymbai presented her pitch in English and spoke about how the venture is a fruit of her passion and not only preserves traditional craftsmanship but also gives local women an opportunity to earn in their leisure time.
During her pitch, Iaishah asked for an investment of Rs 20 lakh in return for 12 per cent equity in her business. After she received what she had asked for, she was moved to tears.
In addition to Namita Thapar’s encouraging words, Anupam Mittal, founder and CEO of People Group, also expressed his support for the offer. Peyush Bansal, CEO and Co-founder of Lenskart, remarked on the cosy nature of the scarves, while another investor, Vineeta Singh, co-founder and CEO of Sugar Cosmetics, extended her backing, with any other support they would like. The sharks even suggested steps to further develop Eri Weave into a recognisable brand.
Iaishah, the first-generation entrepreneur behind Eri Weave, and she said that she hopes this opportunity is a turning point for the startup culture in Meghalaya.