Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In the heart of India, Nagpur, lies a story of unwavering courage, unrelenting vision, and unparalleled entrepreneurial spirit. Vivek Deshpande and Kirit Joshi, two fearless engineers, dared to dream big and turn their vision into a reality. With limited funds and a bold ambition, they founded Space Wood in 1994, a modular furniture company that would go on to become a ₹250 crore enterprise. Their journey is a testament to the power of fearlessness, resilience, and innovation, proving that even with humble beginnings, dreams can be turned into a reality.
The seeds of Space Wood were sown in the early 1990s when Deshpande and Joshi were still in their early twenties. They shared a passion for engineering and a desire to create something of their own. With a loan of ₹50,000, they set up a small workshop in Nagpur and began designing and manufacturing modular furniture. Their initial foray into the market was met with skepticism, but the duo was undeterred. They spent countless hours perfecting their designs, experimenting with new materials, and honing their manufacturing skills.
Their big break came in 1997 when they secured a contract to supply modular furniture to a prominent hotel chain in India. The order was significant, and Space Wood’s revenue soared. The success of the project catapulted the company into the spotlight, and soon, they were receiving orders from across the country. Deshpande and Joshi’s bold move had paid off, and they were now on the path to building a brand that would change the face of the furniture industry in India.
However, the journey was far from smooth. The early years were marked by intense competition, limited resources, and a lack of recognition. There were times when the duo had to work day and night to meet deadlines, sacrificing their personal lives to ensure the success of their venture. They faced numerous challenges, from raw material shortages to labor disputes, but they never wavered in their commitment to their vision.
The turning point came in 2005 when Space Wood received a massive order from a leading Indian conglomerate. The deal was worth ₹50 crore, and it propelled the company into the big league. The success of the project attracted attention from investors, and soon, Space Wood was flooded with funding opportunities. Deshpande and Joshi wisely chose to maintain control over the company, opting for a private equity investment that allowed them to retain their independence.
The next decade was a period of rapid growth and expansion for Space Wood. The company diversified its product range, entered new markets, and established a robust distribution network. Deshpande and Joshi continued to innovate, investing heavily in research and development to stay ahead of the competition. They also expanded their team, attracting top talent from across the country.
Today, Space Wood is a ₹250 crore enterprise with a presence in over 100 cities across India. The company employs over 5,000 people, and its products are exported to countries around the world. Deshpande and Joshi’s courage, vision, and relentless effort have created a brand that is synonymous with quality and reliability.
The success of Space Wood is a testament to the power of fearlessness and innovation. Deshpande and Joshi’s willingness to take risks and challenge the status quo has enabled them to build a brand that is truly unique. Their story is an inspiration to entrepreneurs and business leaders across the country, demonstrating that even with humble beginnings, dreams can be turned into a reality.
As Deshpande himself said in an interview, “Fearlessness is the key to better business development. You have to be willing to take risks, experiment with new ideas, and push the boundaries. Innovation is the lifeblood of any successful business, and it requires courage to stay ahead of the curve.”
The story of Space Wood is a shining example of what can be achieved when courage, vision, and relentless effort come together. It is a reminder that even in the face of adversity, entrepreneurs can turn challenges into opportunities and build a brand that is truly remarkable.
Source: https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
