Avax Apparels & Ornaments Limited was originally incorporated on June 2, 2005 as a Private Limited Company under the name 'Ethnic Designers Private Limited'' with the Registrar of Companies, Delhi & Haryana. The Company name was changed to 'Avax Soft Technologies Private Limited' dated October 11, 2021 by Registrar of Companies, Delhi. The Company was subsequently converted into a Public Limited Company and name of the Company was changed to Avax Soft Technologies Limited vide fresh Certificate of Incorporation dated November 18, 2022. The name of the Company was further changed to 'Avax Apparels and Ornaments Limited' vide certified Incorporated on June 15, 2023 issued by the Registrar of Companies, NCT of Delhi & Haryana.
The Company operates within two distinct business segments, the wholesale trading of knitted cloth, and the online retail of silver ornaments. They directly buy from manufacturers and supply wholesale to companies and readymade garment manufacturers in Punjab. It specialize in sourcing and supplying knitted cloth, which are used for manufacturing of ladies and gents' jackets. It offer a wide variety of silver jewellery items including necklaces, bracelets, earrings, and rings.
The Company's key advantages in this business include operating in the affordable silver ornaments sector, an increase in demand for silver ornaments in Indian markets, the ability to replicate gold jewellery designs in silver, and access to exclusive Punjabi ethnic designs.
The Indian knitted cloth market is known for its high-quality products and competitive pricing, which has helped the Company to establish a strong presence in the global market. The major products being produced include t-shirts, sweaters, jerseys, and other knitwear garments. Some of the key players in the Indian online silver jewellery market offer a wide range of silver jewellery products such as silver earrings, silver bangles, silver chains, silver pendants, and silver rings.
The Company purchased machineries for producing knitted cloth in 2023.
The Company made a fresh issue initial public offering of upto 2,74,000 Equity Shares of Rs 10 each by raising funds aggregating to Rs 1.918 Crore in September, 2024.