Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In a city known for its rich cultural heritage and industrial prowess, Nagpur has given birth to many successful entrepreneurs who have made a mark in their respective fields. Among them, Vivek Deshpande and Kirit Joshi, two fearless engineers, have achieved something remarkable. They co-founded Space Wood, a modular furniture brand, in 1994 with limited funds and a bold ambition. Through their journey, they have turned challenges into a ₹250 crore enterprise, proving that courage, vision, and relentless effort can turn dreams into reality, even with humble beginnings.
The story of Space Wood began with a simple idea – to create affordable, sustainable, and stylish furniture that could cater to the needs of the modern Indian consumer. Vivek and Kirit, who were colleagues at a local engineering firm, shared a passion for innovation and a desire to break free from the monotony of conventional furniture manufacturing. They decided to take the leap and start their own venture, investing ₹50,000 of their own savings to get Space Wood off the ground.
The early days were tough, with the duo facing numerous challenges, from finding the right raw materials to convincing customers to try their unique products. However, they refused to give up, fueled by their unwavering determination and a strong work ethic. They spent countless hours designing and prototyping, experimenting with different materials, and refining their production processes.
Their hard work and perseverance paid off when they received their first order from a local retailer. This breakthrough moment gave them the confidence to scale up their operations and expand their product range. Space Wood’s innovative modular furniture design, which allowed customers to customize their furniture to suit their needs, resonated with the market. Word-of-mouth referrals and positive reviews helped the brand gain traction, and soon, they were receiving orders from across the country.
As the business grew, Vivek and Kirit continued to take calculated risks, investing in new technology and expanding their team. They established partnerships with suppliers and manufacturers to ensure a steady supply of high-quality raw materials. Their commitment to quality, innovation, and customer satisfaction earned Space Wood a reputation as a reliable and trustworthy brand.
In 2005, Space Wood expanded its operations to a new facility, which enabled them to increase production capacity and cater to a growing customer base. The brand’s popularity continued to soar, with their products being featured in leading interior design magazines and publications. The company’s revenue grew from ₹1 crore in 1994 to ₹25 crore in 2005, and then to ₹100 crore in 2010.
Today, Space Wood is a ₹250 crore brand, with a presence in over 10,000 cities across India. The company has a team of over 500 employees, and its products are exported to countries like the United States, Australia, and the Middle East. Space Wood has also diversified its product range to include office furniture, hotel furniture, and even custom-made furniture for luxury homes.
Vivek and Kirit’s success story is a testament to the power of courage, vision, and perseverance. They have demonstrated that even with limited resources, a bold idea and a willingness to take risks can lead to unprecedented growth and success. Their journey has inspired many entrepreneurs in Nagpur and beyond to pursue their dreams, no matter how daunting the challenge may seem.
In an interview with Ascendants, Vivek Deshpande and Kirit Joshi shared their secret to success: “Fearlessness is the key to better business development. We didn’t let fear of failure hold us back from taking risks and trying new things. Our willingness to experiment and adapt to changing market conditions has been instrumental in our growth and success.”
Space Wood’s remarkable journey is a shining example of what can be achieved when entrepreneurs are driven by a clear vision, a strong work ethic, and a willingness to take bold action. As Vivek and Kirit continue to push the boundaries of innovation and excellence, their story serves as a beacon of inspiration for entrepreneurs and business leaders across the country.
Source: https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
