Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In a world where risk-taking is often discouraged, Vivek Deshpande and Kirit Joshi, two fearless engineers from Nagpur, have defied the odds to build a ₹250 crore brand from scratch. With limited funds and a bold ambition, they founded Space Wood in 1994, a modular furniture company that has become a household name in India. Their incredible journey is a testament to the power of courage, vision, and relentless effort in turning challenges into opportunities.
Growing up in Nagpur, Deshpande and Joshi were always fascinated by engineering and design. They pursued their passion at the prestigious Visvesvaraya National Institute of Technology (VNIT) and later worked for a few years before deciding to take the plunge and start their own venture. With just ₹50,000 in their pockets, they set out to revolutionize the furniture industry.
The early days were tough. The duo had to work day and night to design and manufacture their first product, a modular shelving system. They faced numerous rejections from potential customers and suppliers, but their determination and vision kept them going. “We were not discouraged by the initial setbacks,” Deshpande recalls. “We knew that we had something unique to offer, and we were willing to take risks to make it a reality.”
Space Wood’s innovative approach to modular furniture resonated with customers, and soon, the company started to gain traction. The duo’s courage to experiment and adapt to changing market conditions helped them stay ahead of the competition. “We were not afraid to try new things and take calculated risks,” Joshi says. “This willingness to take risks has been instrumental in our success.”
One of the key factors behind Space Wood’s success is its focus on quality and innovation. The company invests heavily in research and development, ensuring that its products are not only stylish but also functional and durable. “We believe that quality is the key to building trust with our customers,” Deshpande says. “We strive to deliver products that exceed their expectations, and this philosophy has helped us build a loyal customer base.”
Another critical factor is the company’s commitment to sustainability. Space Wood has implemented several eco-friendly practices, such as using recycled materials and minimizing waste, to reduce its environmental footprint. “We believe that business and sustainability go hand in hand,” Joshi says. “By adopting environmentally friendly practices, we are not only reducing our impact on the environment but also reducing costs and improving our bottom line.”
Today, Space Wood is one of the leading modular furniture companies in India, with a presence in over 50 cities and a turnover of ₹250 crore. The company has expanded its product range to include a wide variety of furniture solutions, from sofas and beds to office chairs and tables. Its innovative designs and commitment to quality have earned it several awards and recognition, including the prestigious “Best Furniture Brand” award at the 2020 India Design Mark Awards.
The success of Space Wood is a testament to the power of courage, vision, and relentless effort in building a successful business. Deshpande and Joshi’s story is an inspiration to entrepreneurs and innovators across the country, demonstrating that with determination and hard work, even the most ambitious dreams can become a reality.
In conclusion, the journey of Vivek Deshpande and Kirit Joshi is a remarkable example of how fearlessness and innovation can lead to success. Space Wood’s remarkable growth from a humble beginning to a ₹250 crore brand is a testament to the power of courage, vision, and relentless effort. As entrepreneurs and innovators, we can learn a lot from their story and be inspired to take bold risks and pursue our dreams with unwavering determination.
Source: https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
