Plant-based leather, made from banana crop waste.

Banofi’s addresses two major issues:

1. Environmental Impact of Leather: Today, most hides are extensively treated with heavy metals, and the resulting material is not natural or easily biodegradable. Leather production causes significant environmental damage and places immense pressure on land, food, and water resources. Every ton of raw material input generates 60–80% of highly contaminated solid and liquid waste. 90% of leather is tanned using chromium and other toxic chemicals. The carcinogenic waste streams are dumped into wastewater, polluting many rivers, especially in India. Research shows tannery workers (~ 2.5 million in India) often suffer from fever, eye inflammation, skin diseases, and a series of cancers as they work with toxic chemicals and rarely have any safety training or protection. The alternative to animal leather is vegan leather; however, 99% of this material is plastic, resulting in significant environmental harm as well. (PVC or polyurethane based)

2. Crop Waste Problem: Banofi also addresses the growing crop waste problem in India, the majority of which is burned or dumped. Bananas are one crop that generates tremendous waste; for every 1 kg of fruit, there is 10 kg of waste in the form of the stem. (since the plant only fruits once.) 

India is the largest producer of bananas, producing over 25% of the global fruit and generating 120 million tons of waste annually.

We convert banana crop waste into Banofi, a banana-fiber leather, utilizing the part of the stem left in fields after fruit harvest. Compared to animal leather, Banofi reduces water usage by 95%, cuts carbon emissions by over 90%, and eliminates toxic waste, as demonstrated by Life Cycle Assessment (LCA).

1. Carbon emissions: Banofi’s carbon footprint is only 4 kg CO2e/m². This is over 90% lower than bovine leather.

2. Water use: Leather production requires immense quantities of water. Comparatively, Banofi reduces consumption by 95%.

3. Toxic waste: By replacing animal leather, we avoid environmental contamination from toxic tanning waste. Banofi brings enormous positive benefits. Our impact scales with every metre of Banofi leather sold. Crop waste releases methane when dumped. Banofi uses this crop waste as a raw material and prevents it from entering landfills, thus significantly reducing methane emissions and contributing to environmental sustainability.

4. Crop Waste Upcycling: Each kilogram of fruit generates 10 kilograms of waste in the form of the stem, as banana plant fruits only once. We upcycle and repurpose this stem into Banofi, addressing a significant environmental challenge. India, the largest banana producer, generates 120 million tons of waste annually, making our solution impactful. By converting banana stem waste into leather, we are preventing the accumulation of crop waste and the eventual release of methane as this waste undergoes degradation. (We are in the process of quantifying this carbon impact).

Banofi is composed of 60% banana stems, 20% components like starch, tree gum, and cotton, and the remaining 20% includes antifungals, colorants, and adhesives.

Banofi leather is sold B2B to brands, and the properties, such as tearing strength, adhesion, suppleness, and stitching techniques, are comparable to traditional leather, allowing suppliers and designers to integrate it seamlessly into their production processes without the need for costly transitions or new machinery.

Social Impact:

1. Boost farmer income: We have partnered with 60+ smallholder farmers with an average farm size of 0.7 acres. By purchasing crop waste from local farmers, we generate an average additional monthly income of INR 10,000+ per farmer, thereby boosting their household income by 20% (as verified through farmer surveys).

2. Female employment: We are a women-led company, with 60% of our employees being women. Presently, we have 25 women in our team and expect the number to reach 200+ by the end of 2025. In India, only 20% of women are employed.

3. High-quality job creation: We focus on employing workers from local farms and the community. Our factory workers have transitioned from unstable daily contract work, to salaried employment positions.

As the team lead and founder, I have a unique background in chemistry, strategy consulting, startups, and sustainability.

Post my undergraduate degree in chemistry, I worked at McKinsey as a business analyst (strategy consultant) for three years. During this time, I was part of over 10 projects across both London and India in diverse sectors such as steel, banking, agriculture, renewable energy, the public sector, and pharma. My responsibilities spanned various functions, including supply chain, procurement, sales, HR, and growth strategy. Post this, I decided to follow my passion and began a 2-year masters degree at the Yale School of Environment. During this time, Banofi was founded, and having witnessed firsthand the downstream impacts of the leather industry and the abysmal air quality resultant from crop waste burning, I decided to do something about it. 

Our core team is a diverse group with specialised expertise. In our R&D team, we have six individuals with backgrounds in leather technology (M Tech and B Tech), polymer science (PhD), and chemistry, making them experts in their fields. The production team, consisting of three members, has over 10 years of experience in leather production. The business development team includes designers from NIFT. 

Our factory is based in rural Kolkata, and all our factory production team members are from the surrounding community, many of them related to the banana farmers we source from. Banofi has become entrenched in the community, and we are excited to scale this business and partner with more farmers. 

Banofi Leather is a material science company that creates plant-based leather from banana crop waste, that mimics the look, feel, and smell of animal leather while being sustainable, vegan, and cruelty-free.

Through R&D over the last 2 years, we have successfully developed this material and are now advancing it towards large scale production.

We achieved pilot scale last November and since then we have been generating a monthly revenue of $30,000 from the sales of our material. Majority of the sales have come from brands that have been sampling this material. Currently, we are piloting our product with over 40+ global brands,  have upcycled 20 tons of banana crop waste, and have partnerships with 50+ smallholder farmers. (40+ brands have placed orders.) 

Additionally, we have formed partnerships with esteemed institutions such as Yale University and RICE to produce university merchandise using Banofi leather, helping them to reduce their carbon footprints. (currently testing this business model) 

As we move from the growth stage to a large scale, we have begun the process of obtaining certifications such as REACH and CAL-PROP, ensuring that Banofi leather is free from lead, chromium, and other hazardous substances and suitable for applications in furniture. 

Our pilot has proven the commercial viability of Banofi leather and are actively scaling this sustainable material (with investment in factory expansion).

We are applying to Solve because we believe in the power of working together to solve big challenges. Banofi, is better for the environment than traditional leather, and while we’ve made strides, we still face some tough challenges with adoption at scale. 

We have been receiving a lot of interest, but it often does not go beyond an initial query and understanding how to navigate this would be really helpful. Additionally helping us navigate the B2B interest, and filter out the right leads would help save crucial time as a small team. 

As we move from the pilot factory stage (small shed in rural Kolkata) to setting up high quality manufacturing, there is tremendous investment. The mentorship at Solve would help us understand where to focus our spending, to ensure we make a high quality production.

Balancing costs and social impact has also been challenging. For instance, we provide farmers with additional income for their crop waste, however since there is no benchmark pricing, we have been providing the price the farmer requests. Since we have a commitment to social impact, we have not negotiated these prices, even though farmers are offering their waste at varying prices. Having a framework to understand when to prioritise social impact vs not overpay / how to set a standard across different farmers will be critical for scale. 

We understand that there is potential to quantify and monetize the carbon credits to maximize the value of our sustainability efforts, particularly in our upcycling, however, we are uncertain how to do this and whether or not it is an avenue we should pursue. 

Shift in Mindsets - We want to help people see plant-based leather not just as an alternative but as a premium/ first choice. Support from Solve in sharing our story and engaging with the public could help us get insights into the narrative building. Additionally mentorship on how this shift has happened for plant based milk and other areas, could help draw lessons for Banofi. 

We're looking for a community that supports innovation and partnership. Becoming part of Solve could help us overcome our hurdles and help guide our goal of making the materials industry more sustainable and ethical.

The use of crop waste sets us apart and make our solution innovative because it allows us to create a commercially viable material that is already selling at comparable prices to animal leather.

Our material comes in sizes of 7.5 sq ft and sells for $32-40, which is in line with premium animal leather pricing. Many bioleather companies are emerging, with technologies like bacterial cellulose, cactus, and lab-grown mycelium, but scalable solutions are still needed.

The use of crop waste makes us not only more sustainable and affordable but also more viable. The introduction of plant-based leather alternatives has revolutionized the fashion industry, offering customers numerous benefits, from reducing carbon emissions to water conservation, and Banofi is well positioned to help brands and be a part of this shift.

With its tearing strength, abrasion, suppleness, and stitching techniques aligning with traditional leather, suppliers and designers can seamlessly integrate Banofi leather into their existing production techniques, eliminating the need for costly transitions or additional investments in machinery.

Brands have been trailing Banofi and providing feedback on performance (stitching & creasing), which has helped our R&D and accelerated development. Banofi's characteristics enable it to be a "drop-in" replacement for traditional leather in design and production processes.

Here are the environmental, climate, and social impacts driven by Banofi:

1. Environmental impact of leather: 

• Carbon emissions: 14% of all emissions globally are attributed to livestock rearing, an industry that leather depends on. The carbon footprint of one leather bag is about 65–80 kg CO2e/m² which is equivalent to 90 smartphone charges daily for one entire year. 

• Water Waste: Animal leather has extreme water usage. 10,000 litres of water are used to manufacture one leather bag. 

• Toxic and harmful chemicals: The leather industry causes significant environmental damage. 90% of leather is tanned using chromium and other toxic chemicals. These chemicals are known carcinogens that are often untreated, and this waste water enters marine environments, leading to ecosystem disruption. 

2. Crop waste problem: Banana farming produces 120 million tons of crop waste every year in India. The banana plant fruits only once so the farmers cut the bulky stems after each crop. Farmers typically burn, dump offsite, or leave the waste to rot, which releases methane.

Climate Impacts

1. Carbon emissions: Banofi’s carbon footprint is only 4 kg CO2e/m². This is over 90% lower than bovine leather

2. Water use: Leather production requires immense quantities of water. Comparatively, Banofi reduces consumption by 95%. 

3. Toxic waste of tanning: By replacing animal leather we avoid environmental contamination from toxic tanning waste. 

4. Crop Waste Upcycling: Crop waste releases methane when dumped,  Banofi uses this crop waste as a raw material and prevents it from entering landfills. This significantly reduces methane emissions resulting from crop waste degradation. (We are in the process of quantifying this carbon impact)

Banofi brings enormous positive benefits. Our impact scales with every metre of Banofi leather sold.

Social Impact

1. Boost farmer income: We have partnered with 60+ smallholder farmers with an average farm size of 0.7 acres. By purchasing crop waste from local farmers, we generate an average additional monthly income of INR 10,000+ per farmer, thereby boosting their household income by 20% (as verified through farmer surveys).

2. Female employment: We are a women-led company, with 60% of our employees being women. Presently, we have 25 women in our team and expect the number to reach 200+ by the end of 2025. In India, only 20% of women are employed.

3. High-quality job creation: We focus on employing workers from local farms and the community. Our factory workers have transitioned from unstable daily contract work, to salaried employment positions.

Banofi core team of 14 (comprising 6 members in R&D, 2 in production, 2 people in Business Development, 1 in Operations, 2 in finance & dispatch) and 27 full-

Core Team

Jinali Mody 

Founder, CEO

Msc Environmental Management

Yale University

Research & Development

Dr. Pathikrit Saha

R&D Lead

PhD Polymer Chemistry

MD. Azher Uddin, Sanjib Paik, and Sulata Paul 

Leather Technicians

Govt. College of Leather Technology

Business Development & Marketing

Kavya Narasimhan, Bijoy Halder & Nidhi Joshi

Operations 

Kaushal Sanghvi

Advisors

Alysia Garmulewicz

Co-founder: Innovative Materials Platform & 

Prof. Circular Economy

Jennifer McFadden

Associate Professor of Entrepreneurship - Yale

Our journey in developing novel material began in January 2022, focusing on the utilization of raw materials such as banana crop waste, wheat straw, and mango waste. By November 2022, we had finalized the source as banana crop waste and were collaborating with local farmers to source our raw materials. Brands have been trailing Banofi and providing feedback on performance (stitching & creasing), which has helped our R&D and accelerated development. 

We are targeting a 100% bio-based material, and we are on a path to achieve this.

Our team comprises more than 60% women, local workers and farmers.

1. Boost farmer income: We have partnered with 60+ smallholder farmers with an average farm size of 0.7 acres. By purchasing crop waste from local farmers, we generate an average additional monthly income of INR 10,000+ per farmer, thereby boosting their household income by 20% (as verified through farmer surveys).

2. Female employment: We are a women-led company with 60% of our employees being women. Presently, we have 25 women in our team and expect the number to reach 200+ by the end of 2025. In India, only 20% of women are employed.

3. High-quality job creation: We focus on employing workers from local farms and the community. Our factory workers have transitioned from unstable daily contract work, to salaried employment positions.

Banofi operates on a B2B business model. We sell our leather alternative to fashion brands to help them shift towards sustainable alternatives. We supply Banofi to various brands targeting the $250 billion fashion leather industry. Banofi already meets material quality specifications as leather in handbags, and we are working on material for belts and shoes.

With our phased go to market strategy, we plan to grow Banofi’s sales through selective partnerships with fashion brands and corporate clients. We have established partnerships with prominent institutions and organizations like Yale University and Harvard to produce university merchandise with Banofi Leather.

This enables them to reduce their carbon emissions. Recently, we showcased our material on the runway at India's largest fashion week, held at the United Nations, as part of the Circular Design Challenge.

Our focus on scalability sets us apart because it allows us to create a commercially viable material that is already selling at comparable prices to animal leather. Our material comes in sizes of 7.5 sq ft and sells for $32–40, which is in line with premium animal leather pricing. Many bioleather companies are emerging, with technologies like bacterial cellulose, cactus, and lab grown mycelium, but scalable solutions are still needed. The use of crop waste makes us not only more sustainable and affordable but also more viable.

The introduction of plant-based leather alternatives has revolutionized the fashion industry, offering customers numerous benefits, from reducing carbon emissions to water conservation, and Banofi is well positioned to help brands and be a part of this shift.

With its tearing strength, abrasion, suppleness, and stitching techniques aligning with traditional leather, suppliers and designers can seamlessly integrate Banofi leather into their existing production techniques, eliminating the need for costly transitions or additional investments in machinery.

Brands have been trailing Banofi and providing feedback on performance (stitching & creasing), which has helped our R&D and accelerated development. Banofi's characteristics enable it to be a "drop-in" replacement for traditional leather in design and production processes.

We have secured approximately $150k (WEF, UN, Ministry of Agriculture, Circular economy competitions) through non-dilutive grants and bootstrapped with another $120k. Additionally, we are awaiting finalisation of the Hult Prize, the largest social entrepreneurship competition which amounts to $1M. We are planning to start our fundraising process once we hit our goals. 

We want to kick start our fundraising process in December to set up a large scale factor. In order to do so, we want to achieve the three below targets:

● We plan to hit 3 LOIs from some of the major brands to show commitment and advanced negotiation from large B2B brands.

● We want to reach a 100% bio-based commercially viable material ready for large scale manufacturing.

● We want to reach $50k monthly revenue that is growing month on month

These three will give us the confidence to start with our fundraising process to invest in pilot to large scale manufacturing facility