I have never heard of this puneet. Are you going to give it a try?

It is used by quite a few people but for some other purpose so...

Puneet, please re-read the rules and TOS of this site. Stating that a comment is not helpful because it doesn't completely answer your question is against the rules.

You did not give enough information in your post to give a complete answer. Asking more questions of the original poster (OP) is how we draw people out to get them to give us more information so that we can better answer the question.

Please review the rules so that you are more clear going forward.

'Many of these creams contain an ingredient called hydroquinone which is a chemical skin lightener that can be used in various concentrations ranging from 2%-10%. Over the counter hydroquinone creams are available in a maximum of 2% concentration. For concentrations higher than 2%, a prescription is required. Many of these prescription strength products also combine the hydroquinone with Tretinoin, which helps to significantly increase cell turnover. Some individuals prefer not to use hydroquinone and instead opt for more natural skin lighteners that use proven ingredients like Kojic Acid or Arbutin.'

That's from one link I checked right here under your question.
I highly doubt that any wax/paraffin is going to lighten skin. It might be seen in products as a vehicle for ease of application and soothing of the skin, but not for any other reasons. Many women use it to remove hair on legs, etc. after it hardens. Good skin lightener products are expensive. If you don't have age spots or a medical condition or scars, I wouldn't spend the money. (I have scars and age spots and all sorts of spots, and wouldn't.)