News that Iaishah Rymbai and her daughter have secured a loan of Rs 20 lakh to grow their business called Eri Weave should encourage more women entrepreneurs to gear up and find novel methods of making a pitch for similar loans. What keeps women-run businesses from growing is also the lack of financial literacy and book-keeping which banks require to be able to understand the business and ensure their loans are secured. The Eri silk has already made a name for itself internationally with local fashion designer, Daniel Syiem showcasing the possibilities that the Ryndia has transitioned much beyond the jainsem and shawl or stole. Eri is also known as peace silk or Ahimsa silk, because it is extracted without harming the silkworms. Unlike conventional silk production, where silkworms are boiled alive, Eri silk allows the worms to emerge naturally before their cocoons are spun into yarn. This makes the Eri silk a product that is not only luxurious but also eco-friendly and ethical. Naturally many fashion and brand conscious people globally are buying this silk produced on a large scale now in Meghalaya with Government assistance
For the Shark Tank audience this was a new thing and it is only natural that they would be interested in funding what they see as a good business proposition. Eri Weave’s was the final pitch of the day. Passionate as the mother-daughter duo are about sustainable and ethical fashion, they showcased their unique fabric, highlighting its eco-friendly properties and traditional weaving techniques. Iaishah Rymbai sought a loan of Rs 20 lakh for 12% equity. What made their speech so special is their commitment to nurturing indigenous craftsmanship while making silk production more sustainable. Their pitch generated discussions on scalability, market demand, and branding strategies.Iaishah Rymbai shared her life story before a live audience telling them how she was married when she was only 20 and was later divorced and had to bring up four daughters on her own. She managed to not only feed and clothe them but also educated them by embracing the Eri weaving trade as a livelihood opportunity. The investors were left shocked when they heard that Rymbai was in a debt trap of Rs 35 lakhs and that was when they decided to fund her business enterprise.
Shark Tank is an Indian franchise of the American show Shark Tank and airs on Sony LIV and Sony Entertainment Television. It features entrepreneurs making business presentations to a panel of investors or sharks, who decide whether to invest in their company. Eri Weave was able to get investors Anupam Mittal and Namita Thapar to invest in what is a first for any enterprise from Meghalaya.Iaishah Rymbai was incubated by PRIME Meghalaya in March 2022 and Eri Weave is one of the top 50 entrepreneurs of the PRIME Cohort 2021- 2022. This goes to show how hand-holding can help local entrepreneurs to scale to new heights.
