How Banofi is Turning Banana Waste into Leather
Who would have thought that the environmental problem of making leather lies in banana waste? Yes, you read it right. For Jinali Mody, this wasn’t just a thought experiment; it became a mission that led to the creation of Banofi, a climate-tech startup transforming banana stems into high-quality vegan leather.
From winning a ₹9.63 crore Hult Prize to securing pilots with Mercedes-Benz and earning a UN award, Banofi’s journey is a compelling story of innovation, sustainability, and rural empowerment.
The Personal Spark
Jinali Mody’s frustration was simple: she wanted a stylish leather bag she could feel ethically good about. Traditional animal leather comes with high environmental and ethical costs, while many vegan alternatives are essentially plastic disguised as sustainable.
Armed with a biochemistry degree from St. Xavier’s College Mumbai, consulting experience at McKinsey, and a master’s from Yale School of the Environment, Mody decided to build a better solution.
The Banana Waste Opportunity
India, the world’s largest banana producer, generates an estimated 120 million tonnes of banana stem waste annually. Farmers usually burn or discard these stems after harvest. Banofi saw this “waste” as a valuable raw material.
Founded in 2022 and based near Kolkata, Banofi extracts cellulose-rich fibre from banana stems, blends it with natural binders, and processes it into flexible sheets that mimic the look, feel, and even smell of traditional leather without harmful tanning chemicals.
Farmers traditionally burn these stems, contributing to air pollution, or leave them to rot. Banofi saw this as an abundant, untapped resource. The company developed a process to extract cellulose-rich fibre from the stems, blend it with natural binders and starches, and press it into durable sheets that closely mimic animal leather.
Turning farm waste into farmer income
Banofi, founded in 2022 and based near Kolkata in West Bengal, does not just make a sustainable product. It rewires the economics for people at the start of the supply chain. One of its early partners, a farmer in West Bengal, once saw banana stems as a burden to be burned. He now earns additional income selling them. The company says it has helped more than 100 small-scale farmers in India create new income streams.
The environmental case is equally striking. Banofi claims its cellulose-based material uses 93% less water and 97% less CO2 than leather, with zero wastewater. The UN Environment Programme, which independently profiled the company, cites a 95% reduction in water use and a more than 90% cut in carbon emissions. Either way, it is a rare pitch where the sustainability story and the unit economics reinforce each other.
Creating Value for Farmers
Beyond the product, Banofi is rewiring economics at the grassroots level. Farmers who once burned banana stems as waste now earn additional income by selling them to the company. So far, Banofi has helped over 100 small-scale farmers create new revenue streams.
From Yale Pitch to Global Recognition
The journey began at Yale, where an early pitch won the $25,000 Sustainable Venture Prize. The real breakthrough came in 2023, when Banofi won the prestigious $1 million Hult Prize in Paris, an announcement by Stella McCartney.
The company has also won the Wege Prize and, in 2025, Jinali Mody (then 28) was named one of the UN Environment Programme’s Young Champions of the Earth.
Product Evolution and Market Traction
Banofi started with hard goods (like notebooks) and later developed softer, more flexible versions suitable for fashion and lifestyle products. The material is now being piloted by over 150 brands across fashion, automotive, and lifestyle sectors.
Notable milestones include:
A grant and pilot project with Mercedes-Benz
Official stationery partner for Yale
Certifications for export to the US and EU
Business Snapshot
As of March 2025, Banofi reported annual revenue of approximately ₹1.63 crore with a team of around 16 people. The company has raised about ₹13.50 Crore from impact-focused investors including Social Alpha, MIT Solve, and MassChallenge.
Why Banofi Stands Out
In a growing field of alternative leathers (apple, cactus, mushroom), Banofi differentiates itself through:
Strong unit economics that benefit farmers
Superior performance comparable to luxury leather
Deep alignment between sustainability and commercial viability
As Jinali Mody continues to scale the company, Banofi represents more than just a new material; it’s a model for how agricultural waste, rural livelihoods, and premium product innovation can come together to solve pressing climate challenges.
In India’s journey toward circular economy solutions, Banofi is proving that the future of sustainable luxury might literally grow in our farms.