Iaishah Rymbai, the founder of Meghalaya-based silk clothing brand Eri Weave, came on a recent episode of Shark Tank India season 4. Her pitch, wherein she talked about her personal and financial struggles, left the 'sharks' emotional.
She, along with her daughter and co-founder Lebaini Rymbai, sought an investment of ₹20 lakh for 12 per cent equity to expand their business and bring the brand to a wider audience. With this, their company's valuation stood at ₹1.67 crore.
The brand produces eri silk yarn, organically dyed and handwoven eri silk fabric. Their products are eco-friendly and include scarves, shawls and yardage fabric.
Their vision is to preserve indigenous craftsmanship while making silk production more sustainable. As per their website, lac, turmeric, leaves, and barks are used for dyeing eri silk and traditional designs and methods of weaving are used to make scarves, shawls and yardage fabric among others.
During her pitch, she mentioned that she was married at just 20 years of age. "I was married at a very young age of 20. However, it was a bad marriage, and I got divorced. I have four daughters and had to take care of their education and well-being," Rymbai said.
She further mentioned that she took up weaving to support her 4 daughters. To the sharks' shock, she also stated that he was in a debt of ₹35 lakh due to which she is unable to grow her business.
Upon hearing this, Lenskart co-founder and CEO Peyush Bansal said: "You're stuck in a debt trap." The founders secured an investment of ₹20 lakh for 12 per cent equity from Shaadi.com founder and CEO Anupam Mittal and Emcure Pharamaceuticals executive director Namita Thapar.
Besides offering investment, Thapar said: "There is nothing that women cannot do in this country." Even though she did not invest, SUGAR Cosmetics co-founder and CEO Vineeta Singh offered to help the mother-daughter duo in any way they like.
The 'sharks' even suggested steps to develop Eri Weave into a recognisable brand.