Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In a city known for its rich cultural heritage and bustling markets, Vivek Deshpande and Kirit Joshi, two fearless engineers from Nagpur, dared to dream big. With limited funds and a bold ambition, they founded Space Wood in 1994, a modular furniture company that would eventually become a ₹250 crore enterprise. Their journey is a testament to the power of courage, vision, and relentless effort in transforming humble beginnings into a thriving business.
Growing up in Nagpur, Deshpande and Joshi were exposed to the city’s vibrant entrepreneurial spirit. They were fascinated by the way local businesses, despite limited resources, managed to thrive and grow. This exposure instilled in them a sense of entrepreneurship and a desire to create something of their own.
The idea for Space Wood was born out of a simple observation – the need for modular furniture that was both functional and aesthetically pleasing. At the time, the market was dominated by traditional furniture makers who focused on custom-made pieces, often at a high cost. Deshpande and Joshi recognized an opportunity to create a product that was affordable, versatile, and scalable.
With a loan of ₹50,000 from a local bank, the duo set up Space Wood in a small workshop in Nagpur. Their initial product range was modest, consisting of a few modular furniture pieces such as tables, chairs, and shelves. However, they were determined to innovate and experiment with new designs, materials, and manufacturing processes.
The early days were marked by challenges and setbacks. The duo faced stiff competition from established players in the market, and they struggled to find the right balance between quality and affordability. Deshpande and Joshi worked tirelessly, often putting in 18-hour days, to perfect their products and develop a strong distribution network.
Their perseverance paid off. In the late 1990s, Space Wood began to gain momentum, and the company started to attract attention from larger retailers and wholesalers. The duo’s innovative approach to modular furniture resonated with customers, who appreciated the flexibility and affordability of their products.
As Space Wood grew, Deshpande and Joshi continued to innovate and expand their product range. They introduced new materials, such as PVC and aluminum, and developed a range of products that catered to different segments of the market, from budget-conscious consumers to high-end interior designers.
The turning point for Space Wood came in the early 2000s, when the company received a major order from a leading retailer. The deal was worth ₹1 crore and marked a significant milestone in the company’s growth. From then on, Space Wood’s growth accelerated, and the company expanded its operations to new markets, including Maharashtra, Gujarat, and Karnataka.
Today, Space Wood is a ₹250 crore enterprise with a presence in over 10,000 retail outlets across India. The company has over 500 employees and a manufacturing capacity of 10,000 units per day. Deshpande and Joshi’s vision has gone beyond just creating a successful business – they have built a brand that is synonymous with quality, innovation, and customer satisfaction.
So, what are the key factors that contributed to Space Wood’s success? According to Deshpande, “Fearlessness is the key to better business development. We took risks, we experimented, and we were willing to learn from our mistakes. We also had a clear vision and a relentless focus on execution.”
Joshi adds, “Innovation is critical to staying ahead in the market. We constantly look for ways to improve our products, processes, and customer experience. This has enabled us to stay ahead of the competition and build a loyal customer base.”
Space Wood’s story is a testament to the power of entrepreneurship and the importance of staying true to one’s vision. Despite the challenges and setbacks, Deshpande and Joshi remained committed to their goals and continued to push the boundaries of innovation and excellence.
As they look back on their journey, the duo is proud of what they have achieved. “We started with a dream and a loan of ₹50,000,” says Deshpande. “Today, we are a ₹250 crore company with a presence in over 10,000 retail outlets. It’s a remarkable journey, and we are grateful for the support of our customers, employees, and partners.”
For entrepreneurs and business leaders, the story of Space Wood serves as a reminder that courage, vision, and relentless effort can turn dreams into reality – even with humble beginnings. As Joshi says, “Fearlessness is the key to better business development. Don’t be afraid to take risks, experiment, and learn from your mistakes. With a clear vision and a relentless focus on execution, you can achieve anything you set your mind to.”
Source: https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
