Anupam Mittal & Namita Thapar Invest ₹20 lakh for 12% equity in Meghalaya Eriweave Startup

In a notable episode of Shark Tank India Season 4, Meghalaya-based exceptionally unique startup Eriweave secured an investment of ₹20 lakh for 12% equity from renowned investors Anupam Mittal and Namita Thapar. The investment is not only highlights the potential of Eriweave’s unique business model that stands out  and mark promising deal from the meghalaya community but additionally shines a spotlight at the rich cultural history and heritage of Meghalaya and the developing interest of investors in sustainable and socially impactful ventures.  

This article offers a complete overview of Eriweave, its journey on Shark Tank India, the significance of the investment, and what this indicates for the future of the startup and the handloom industry in India.  

About the company: Eri Weave

Eriweave is a Meghalaya-based startup that specializes in producing Eri silk merchandise, consisting of shawls, stoles, and cloth. Eri silk is kind of  called Ahimsa silk, is a kind of silk produced without harming the silkworm, making it a sustainable and green opportunity to standard silk. 

Eri silk comprises the raw material of the cocoons of the Eri silkworm, which is probably harvested after the moth has left. This process ensures that no silkworms are harmed and makes natural hand-made products, making Eri silk an eco-friendly sustainable green opportunity to conventional silk. Eri silk also appeared for its gentle texture, sturdiness, and thermal properties, making it perfect for quite a few apparel and clothing items. 

Founded by Iaishah Rymbai, presents leadership with strategic vision, EriWeave makes a speciality of generating organically dyed Eri silk yarn and handwoven fabrics. The corporation's venture is deeply rooted in empowering women and empowering them by becoming artisans and promoting sustainable economic development.

The Inception of Eri Weave

The artwork of Eri silk weaving in Meghalaya traces its roots to the village of Iapngar, where sericulture turned into to start with restricted to silkworm rearing for food. It wasn't till the Nineteen Seventies that the craft of Eri silk spinning and handloom weaving flourished, thanks to the vision of Kristina Dris Lyngdoh Thaiang. 

Her passion stimulated generations, which include Kong Prissila Rymbai, who persisted in the subculture. In 2018, a behind schedule headband order due to yarn shortages made Kong Iaishah Rymbai recognise the urgent want for professional spinners and weavers in the place. Determined to bridge this gap, she collected a team and collaborated with the Raid Iapngar Handloom Weaver Cooperative Society, turning a project into an opportunity.

About the Founders and Their Vision  

The startup EriWeave was founded by Iaishah Rymbai,  specializing in producing organically dyed Eri silk yarn and handwoven fabrics. The enterprise utilizes locally sourced Eri silk cocoons to create genuine, home made stoles, scarves, and fabric. Their commitment to moral layout and unique coloration combinations sets them aside within the Indian textile enterprise. 

Iaishah's entrepreneurial journey is both inspiring and poignant. Married at the age of 20 and later divorced, she faced personal challenges that led her to grow to be a single mom of four daughters. Determined to provide for her family and driven by a passion for traditional weaving, she set up EriWeave.

In December 2018, Iaishah received an order for fifty Eri silk scarves. Recognizing the potential to restore the diminishing art of Eri silk weaving, she mobilized nearby ladies, encouraging them to learn and participate in the craft. 

The  brand "EriWeave" was formally launched on March 1, 2022, on the PRIME Startup Hub in Shillong. Initially known as Iaishah Ryndia, the startup focused on producing yarn, fabrics, and merchandise made from Eri silk using traditional, eco-friendly, and natural dyeing tactics. EriWeave's project centers on retaining the legacy of Eri silk even as offering sustainable livelihoods to local women artisans.

Under Iaishah's leadership, EriWeave has grown right into a collective of passionate artisans committed to crafting hand-spun Eri yarn and hand-woven fabric. The brand strives to provide seamless  blends of art and fashion with a vision to presenting and showcasing the artistic finesse of Meghalaya's ladies artisans and reminiscent of way of life.

The organisation's commitment to sustainability, community empowerment, and the preservation of cultural historical past has linked  it with hand made craftsmanship and proficiency of artisans ideas positioning it as a beacon of traditional craftsmanship within the cutting-edge marketplace. The brand's journey from a village initiative to a recognized entity exemplifies the transformative and unique blending way of weaving subculture with empowerment.

EriWeave: Products and Sustainability

Eriweave gives handwoven Eri silk products crafted via nearby ladies artisans, combining way of life, sustainability, and fashion. Their merchandise encompass stoles, scarves, and walking fabrics, outstanding by way of ethical designs and particular coloration combos. Eriweave's dedication to sustainability is clear in its use of organic dyes made from herbal substances like lac, turmeric, leaves, and barks. 

This eco-friendly approach not most effective preserves the environment but also aligns with cultural values. The agency employs more than 100 homemakers, supplying livelihood to faraway villages and generating vegan, handcrafted, premium satisfactory silk fabric and its by using-products. Eri silk is likewise known as peace silk or Ahimsa silk because it is a non-violent silk that doesn’t require killing the moth to extract the fibre.

The Shark Tank India Pitch and Investment

On Shark Tank India, Iaishah Rymbai sought ₹20 lakh for 12% equity in Eriweave. Anupam Mittal and Namita Thapar were moved by Iaishah's story and her determination to revive a loss of life tradition while empowering local ladies. 

Namita Thapar emphasized the importance of supporting entrepreneurs like Iaishah, who function as models for ladies within the united states of america. Anupam Mittal mentioned the demanding situations of building demand in such companies, however he was concerned about the significance of presenting opportunities to individuals who lack them. Ultimately, they invested ₹20 lakh for 12% equity, recognizing Eriweave's capacity and Iaishah's inspiring journey.

EriWeave: Traction and Financials

Eriweave has proven good sized traction, assisting the livelihood of over 100 families. The organization's first-class-promoting products are stoles, which make contributions to 70% of its total sales. Eri Weave Private Limited generated a revenue of ₹18.3L for the financial year ending on March 31, 2024. Following the airing of Shark Tank India, Eriweave obtained about 60,000 orders, indicating an extensive boom in demand for and brand recognition. The investment from Anupam Mittal and Namita Thapar, coupled with the expanded visibility, has placed Eriweave for continued increase and expansion.

EriWeave: Recognizing Potential and Impact

• Social Impact:  Eri Weave's commitment to empowering local ladies artisans and promoting sustainable livelihoods aligns with socially responsible investment concepts.
• Sustainable Fashion: The international shift toward sustainable and green products positions Eri Weave favorably within the marketplace.
• Unique Value Proposition: The brand's fusion of traditional weaving techniques with current designs offers a completely unique product line that caters to a gap but developing marketplace section.
  

Shark Tank India's Role in Promoting Regional Startups

Shark Tank India has emerged as a pivotal platform for entrepreneurs from numerous backgrounds to exhibit their innovations and steady funding. EriWeave's success tale is particularly widespread as it represents the first employer from Meghalaya to secure a deal on the show. This success not only boosts the morale of entrepreneurs from the Northeast but also encourages the preservation and promotion of indigenous crafts on a national level.

Future Prospects

With the infusion of capital and mentorship from pro traders, EriWeave is poised for growth. The company aims to enhance its manufacturing talents, attain broader markets, and preserve empowering nearby artisans. The collaboration with Anupam Mittal and Namita Thapar brings precious expertise in scaling agencies, a good way to be instrumental in navigating the challenges of growth even as keeping the brand's middle values of sustainability and culture.

Conclusion

​

In conclusion, EriWeave's journey from the looms of Meghalaya to the country wide spotlight of Shark Tank India exemplifies the transformative power of entrepreneurship rooted in cultural background. The funding via Anupam Mittal and Namita Thapar now not only provides economic aid but also validates the importance of retaining conventional crafts in current markets. As EriWeave embarks on this new chapter, it stands as a beacon of ideas for artisans and marketers across the country.