Banofi raises $1.14M to scale banana-waste leather alternative from West Bengal
Kolkata-based climate-tech startup Banofi turns banana stem waste into leather substitutes for fashion, lifestyle and automotive brands. It has piloted with 150+ brands, sourced from 100+ farmers, and posted Rs 1.63 crore revenue in FY25 with a 16-person team.
What happened
Banofi, a West Bengal climate-tech startup, converts banana stem waste into leather alternatives for fashion, lifestyle and automotive brands. It has piloted
Key facts
- Rs 1.63 crore revenue FY25
- $1.14 million raised
- 100+ farmers
- 150+ brands piloted
- team of 16
- $1 million Hult Prize
Why this matters
Fashion, lifestyle, and automotive brands seeking verifiable sustainable-material sourcing should track Banofi as a potential supply partner or acquisition target while its 16-person team is still capital-hungry and cheaply valued.
What to watch
- Announcement of first named large-brand commercial contract (vs pilot)
- FY26 revenue run-rate vs Rs 1.63cr baseline
- New feedstock or manufacturing facility openings in West Bengal
- Follow-on Series A signals or strategic corporate investor entry
- Competitor pricing/certification moves in plant-based leather
- Lock supply chain contracts with farmer cooperatives to guarantee feedstock volume and quality
- Convert 2-3 high-profile pilots into signed offtake agreements to prove revenue durability
- Invest raise into manufacturing capacity and product certification (abrasion, water-resistance) for automotive/fashion spec sheets
- Publish LCA/carbon data to differentiate on measurable sustainability claims
Also reported by
- YourStory · Capital — Same time