The story of Waves began in 1970 when a local home appliance engineer invented the first deep freezer of Pakistan manually at home. The first masterpiece was gifted to United Bakery situated at Mozang Chungi, Lahore for testing purposes. 1971 was the year of minor expansion as after a year of successful testing there was an increase in demand. In 1975, Waves began the commercial production of Deep Freezers officially. Later on in 1978 a small tented factory was set up in Hanjerwal, Lahore in a minute area of one canal. Two years later Cool Industries was finally incorporated; this was possible as some investors joined hands with the inventor to take this project to eternal levels. First office of Cool industries was set up in Lahore, Pakistan in 1983. Followed by an organized proper assembly line of deep freezers in the year 1985. 1986 was a year of success as now the organization had a Main Head Office. A proper factory building was built in 1988 which was situated in Lahore, Pakistan. 1990 was a revolutionary year as Waves Triplet was introduced in the market. In 1997 and 1998 Waves kept on launching a variety of Refrigerators in the national market.

Split Air Conditioners were introduced in Pakistan for the first time in 2000. Cool Industries initiated the Cool Bank technology in 2003 nationally. Waves Kombo, a unique inverted combination of Freezer and Refrigerator was introduced in 2005. Waves launched its single and twin tub washing machines in the years 2006 and 2009 respectively. In The following years from 2010 to 2013, Waves introduced all kinds of home appliances ranging from pioneering in first vertical AC to microwave ovens. Unfortunately in 2016 The Company had started to face huge financial losses due to the failing management and family disputes. Cool Industries went into a chaotic state and hence in order to safeguard and live up to its claim of “Naam He Kaafi Hai”, it was essential to make drastic changes.