In India's bustling marketplace, traditional tanneries churn out products that have a heavy environmental impact. A disruptive startup has emerged that is revolutionizing the market by providing an alternative where luxury and sustainability can coexist.

For decades, the leather industry had been synonymous with pollution- responsible for 8% of global greenhouse gas emissions, water-intensive processing and ethical concerns over animal-derived materials. But Banofi has transformed the narrative to reduce waste and provide farmers with an additional source of income.

Founded by Jinali Mody, Maggie Boreham, and Isobel Campbell, Banofi Leather was conceived as an idea during her education at Yale School of the Environment. Drawing on her expertise in chemistry and a master’s degree in environmental management, Jinali developed Banofi Leather. Her other team member Maggie Boreham had a background in fashion designing. Jinali met Maggie during a sustainable fashion panel at Yale. Both were struggling with the idea of sustainable leather accessories. Vegan leather bags tend to be from petrochemical sources and are highly polluting. Observing the gap of sustainable alternatives she and Isobel started to think of ways to create plant-based leather.

India as the largest producer of bananas, generates more than 4 tons of waste for every 1 ton of fruit. Thus, Jianli found an untapped number of natural resources.

On a farm in southern India, piles of banana stems- considered an agricultural waste- are usually left to rot. But for Banofi, these are not mere waste but raw material for “Redesigning Fashion”. The fibre extracted from banana raw material is combined with a blend of natural gums and adhesives and finished with layers of colours and coatings. This material is then coated onto a fabric backing, resulting in a durable and robust material that is 80-90% bio-based.

Banana Fibre Leather significantly reduces carbon emissions by 90%, reduces water use by 95%, and reduces toxic waste by 100%. This fibre can be applied to fashion, furniture, automotive and packaging industries.

Banofi’s innovative approach not only addresses the environmental concerns of the leather industry but also empowers farmers by creating an additional revenue stream from what was once agricultural waste. As global demand for sustainable alternatives rises, Banofi is positioning itself as a key player in the eco-conscious fashion revolution. With its commitment to reducing carbon emissions, water usage, and waste, Banofi is not just redesigning fashion—it’s redefining the way we think about luxury and sustainability.

Banofi’s revolutionary work has gained international recognition. The startup won the prestigious Hult International Prize, emerging as the winner among 10,000+ student startups worldwide under the theme “Redesigning Fashion.” This competition pushed Banofi’s team to refine their business model, finalize their due diligence documents, and continuously improve their pitch through weekly feedback sessions with industry experts and mentors. The culmination of this journey saw them not only securing a $1M prize but also receiving personal recognition from sustainable fashion pioneer Stella McCartney, who has inspired their journey.

However, Banofi’s journey hasn’t been without challenges. A key technical hurdle has been achieving the right flexibility for their material. While their leather alternative is commercially viable for hard leather goods, more R&D is required before it can be used for soft leather applications like garments. Striking a balance between durability and performance—ensuring the material stitches and sews like leather while withstanding wear and tear—has been a major focus. To tackle this, Banofi collaborates closely with brands, conducting feedback calls with design and sustainability teams to refine their product.

Banofi has benefited immensely from the Yale School of Management (SOM) MBA program and Yale Ventures Ecosystem, which have provided the business fundamentals, networking opportunities, and financial support needed to scale the venture. Courses like Entrepreneurial Finance and Innovator helped the team develop critical projections and pitch strategies, while the Start-Up Founder’s Practicum offered hands-on experience in growing their company. Professor Marian Chertow, a leading expert in industrial ecology and circular economies, played a pivotal role in advising Banofi on using banana crop waste as bio-based feedstock.

The Yale Ventures Ecosystem has been equally instrumental, with Banofi’s first-ever order coming from the Tsai Center for Design and Innovation. This partnership allowed them to create notebooks using Banofi leather, serving as a proof of concept before their commercial launch. Yale has continued to place orders for goods made from Banofi leather, helping generate a consistent revenue stream while the company scales up its operations.

The Road Ahead: Expanding Beyond Fashion

Banofi’s vision extends far beyond the fashion industry. While they are actively working to improve their leather alternative for garments and soft leather applications, they also see banana crop waste as a potential solution for creating alternatives to other materials like silk and polyester. By pioneering plant-based materials, Banofi envisions a future where toxic synthetic materials are replaced with biodegradable, sustainable alternatives across various industries.

With the demand for eco-friendly solutions growing, Banofi is not just redesigning fashion—it is redefining how industries approach sustainability. By leveraging science, innovation, and circular economy principles, Banofi is setting a new standard for ethical and eco-conscious luxury—one banana stem at a time.