In the dynamic world of financial technology, Lokvir Kapoor stands out as a pioneer. As the co-founder and executive chairman of Pine Labs, he has transformed the company into a leading merchant platform that empowers businesses across India, the Middle East, and Southeast Asia. Since founding Pine Labs in 1998, Kapoor has driven its growth into a fintech giant, achieving unicorn status in 2020 with a valuation exceeding $5 billion by 2022. His journey from a mechanical engineer to a fintech pioneer reflects his vision, resilience, and dedication to innovation.
Lokvir Kapoor’s path to success began with a strong academic foundation. In 1987, he earned a Bachelor of Technology (B.Tech) in Mechanical Engineering from the prestigious Indian Institute of Technology (IIT) Kanpur, one of India’s top engineering institutions. Recognizing the value of business acumen, he pursued a Master’s in Business Administration (MBA) from the Indian Institute of Management (IIM) Bangalore, a leading business school. These qualifications provided Kapoor with a unique blend of technical expertise and strategic thinking, setting the stage for his future achievements in the corporate and entrepreneurial worlds.
Professional Journey Before Pine Labs
Before launching Pine Labs, Kapoor gained extensive experience in the corporate sector. He worked with Schlumberger, a global leader in technology and services, where he held significant roles in financial management and business development. His work spanned India and international markets, giving him a deep understanding of global business dynamics. Over more than 25 years, Kapoor honed his skills in identifying new opportunities, setting strategic goals, and building high-performing teams. This experience proved invaluable when he embarked on his entrepreneurial journey with Pine Labs.
Founding Pine Labs
In 1998, Lokvir Kapoor, along with co-founder Rajul Garg, established Pine Labs with a mission to simplify and enhance merchant transactions. At the time, digital payments were still emerging in India, and businesses faced challenges in adopting efficient payment systems. Kapoor saw an opportunity to address these pain points by offering innovative payment solutions tailored to merchants’ needs. Pine Labs began by providing point-of-sale (PoS) terminals, which quickly gained traction among businesses looking to streamline transactions.
Kapoor’s vision was clear: to empower merchants by reducing the cost and complexity of running their businesses while managing risks. This focus on merchant success became the cornerstone of Pine Labs’ growth and remains a guiding principle today.
Growth of Pine Labs
Under Lokvir Kapoor’s leadership, Pine Labs has evolved into a fintech powerhouse. The company achieved a significant milestone in 2020 when it became a unicorn, with a valuation surpassing $1 billion, thanks to a funding round led by Mastercard. By 2022, its valuation had soared to over $5 billion, reflecting its rapid growth and market influence.
Key milestones in Pine Labs’ journey include:
- Market Expansion: Pine Labs expanded its operations beyond India to serve merchants in the Middle East and Southeast Asia, establishing itself as a regional leader in fintech.
- Strategic Acquisitions: In 2021, the company acquired Fave, a Southeast Asian deals and cash-back platform, for $45 million, strengthening its presence in the region.
- IPO Ambitions: In 2022, Pine Labs filed confidentially for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, aiming to raise $500 million at a valuation of $5.5–7 billion.
- Operational Integration: In August 2024, Pine Labs secured approval from the National Company Law Tribunal for a merger of its Indian and Singaporean entities, streamlining its global operations.
Today, Pine Labs supports over 140,000 merchants across various sectors, including electronics, pharmacy, food and beverage, fashion, telecom, and airlines. The company processes $30 billion in transactions annually and has sold over 850,000 PoS terminals in India alone.
Leadership and Vision
Lokvir Kapoor’s leadership is defined by his unwavering commitment to Pine Labs’ mission of helping merchants succeed. He has a keen interest in disruptive payment technologies and their application to evolving customer needs. This forward-thinking approach has driven Pine Labs to develop innovative solutions, such as card swipe machines, EMI at PoS, mobile wallet acceptance, and seamless billing system integrations.
Lokvir Kapoor’s ability to anticipate market trends and adapt to changing dynamics has been crucial in maintaining Pine Labs’ competitive edge. His strategic foresight has enabled the company to scale rapidly while staying true to its core focus on merchant empowerment. Employees have rated his leadership highly, with a CEO approval score of 76/100, placing him in the top 15% of CEOs at similar-sized companies.
Achievements and Impact
Lokvir Kapoor’s contributions to the fintech industry are profound. Some of his notable achievements include:
- Unicorn Status: Leading Pine Labs to become a unicorn in 2020 and growing its valuation to over $5 billion by 2022.
- Merchant Empowerment: Enabling over 140,000 merchants to streamline operations and grow their businesses through innovative payment solutions.
- Digital Transformation: Driving the adoption of digital payments in India and Southeast Asia, particularly in retail and commerce.
- Global Reach: Expanding Pine Labs’ footprint to serve merchants across multiple regions, supported by strategic acquisitions and partnerships.
Kapoor’s work has transformed Pine Labs and inspired countless entrepreneurs. As an alumnus of IIT Kanpur and IIM Bangalore, he serves as a role model for aspiring professionals, demonstrating the power of combining technical expertise with entrepreneurial vision.
Lokvir Kapoor’s journey from an IIT Kanpur graduate to the executive chairman of Pine Labs is a story of vision, perseverance, and impact. Through Pine Labs, he has revolutionized merchant commerce, making digital payments more accessible and efficient. His leadership has positioned Pine Labs as a global fintech leader, with a valuation exceeding $5 billion and a presence across multiple regions.
As Pine Labs continues to innovate and expand, Kapoor’s legacy as a fintech pioneer remains strong. His story inspires entrepreneurs and professionals, proving that with dedication and a clear vision, it is possible to create lasting change in the world of business.
