The recent success of a Meghalaya start-up, Eriweave, on the television show Shark Tank India has provided a shot in the arm for every budding entrepreneur in the state.
Iaishah Rymbai, the founder of Eriweave, went on the show recently and secured an investment of Rs 20 lakh for a 12 per cent equity stake in the company by two of the investors.
That investment means that the company is valued at Rs 1.67 crore, a whopping sum for a local business that has built itself up by promoting natural and traditional fashions using the famed eri silk.
The Meghalaya government has understandably tried to muscle in on the publicity and proudly claimed Rymbai as an entrepreneur supported by the state’s flagship PRIME programme.
Eriweave is dedicated to fostering sustainable economic development in the 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, a press release stated today. 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.
Rymbai is one of the Top 50 entrepreneurs of PRIME’s CMECC 2.0. Her entrepreneurial journey has been driven by a mission to revive and sustain eri silk production, fostering community pride in handloom weaving and traditional craft.
Founded in 2019, Eriweave has 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 at the PRIME Startup Hub in 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 per cent of the company’s total sales revenue.
“At PRIME we are committed in making entrepreneurship a preferred career choice for the youth of the State through 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 release added.
