Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In the world of entrepreneurship, success stories are often filled with tales of overnight fortunes and million-dollar ideas. However, the journey of Vivek Deshpande and Kirit Joshi, the founders of Space Wood, is a testament to the power of courage, vision, and relentless effort. The Nagpur-based duo, who started their venture with limited funds and a bold ambition, today boasts a brand worth ₹250 crore. Their story is a shining example of how fearlessness and innovation can turn challenges into opportunities and transform dreams into reality.
Born and raised in Nagpur, Vivek and Kirit, both engineers by profession, had a passion for design and innovation. In the early 1990s, they began to notice a growing demand for modular furniture in the Indian market. The traditional furniture industry was slow to adapt to the changing needs of consumers, and the duo saw an opportunity to disrupt the status quo. With a small loan from a local bank and a shared vision, they founded Space Wood in 1994.
The early days of Space Wood were marked by challenges and uncertainties. The duo had to work tirelessly to establish their brand, build relationships with suppliers, and develop a production process that could meet the growing demand for their products. Despite the odds, they remained committed to their vision of creating high-quality, affordable, and stylish furniture that would resonate with Indian consumers.
In the late 1990s, Space Wood began to gain traction. The company started to receive orders from major retailers and wholesalers, and its products became popular among young professionals and families. The duo’s focus on innovation and customer satisfaction helped them to stay ahead of the competition and build a loyal customer base.
However, the journey was not without its setbacks. In the early 2000s, the Indian economy was hit by a series of economic downturns, and the furniture industry was severely affected. Space Wood was no exception, and the company faced significant financial challenges. Despite these difficulties, Vivek and Kirit refused to give up. They worked closely with their suppliers, renegotiated contracts, and implemented cost-cutting measures to ensure the survival of their business.
The turning point for Space Wood came in the mid-2000s, when the company introduced its patented modular furniture system. This innovative design allowed customers to customize their furniture according to their needs, making it more flexible and affordable. The modular system was a huge success, and Space Wood’s sales began to skyrocket. The company’s revenue grew from ₹5 crore in 2005 to ₹250 crore in 2020, making it one of the leading players in the Indian furniture industry.
So, what sets Space Wood apart from other successful businesses? According to Vivek and Kirit, it is their unwavering commitment to innovation, customer satisfaction, and risk-taking. “We have always believed that taking bold decisions and embracing uncertainty is the key to success,” says Vivek. “We have never been afraid to experiment, and our willingness to take calculated risks has allowed us to stay ahead of the competition.”
Kirit adds, “Our focus on customer satisfaction has also been instrumental in our success. We have always believed that our customers are our greatest asset, and we work tirelessly to ensure that they are satisfied with our products and services.”
In conclusion, the story of Space Wood is a testament to the power of courage, vision, and relentless effort. From humble beginnings to a brand worth ₹250 crore, Vivek and Kirit’s journey is a shining example of what can be achieved with fearlessness and innovation. As entrepreneurs, we can all learn from their story and be inspired to take bold decisions, stay committed to our vision, and never give up on our dreams.
Source:
https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
