Lokvir Kapoor graduated in mechanical engineering from IIT Kanpur in 1987 and later completed an MBA at IIM Bangalore. He worked at Schlumberger before joining Pine Labs.
Pine Labs was incorporated on 18 May 1998 to automate petroleum retail with smart cards. Around 2004 the founding team thinned out and Kapoor became CEO. In 2005 the company launched Plutus, which let shops accept cards with instalments and loyalty offers.
Pine Labs shifted from fuel stations to retail counters and sold POS terminals. In 2018 Actis and Altimeter invested 82 million dollars, then Temasek and PayPal put in 125 million dollars, which made it a unicorn. It bought Qwikcilver in 2019 for 110 million dollars and Fave in 2021 for 45 million dollars.
Pine Labs listed on NSE and BSE on 14 November 2025 at 242 rupees against an issue price of 221. It reported a net loss of 145 crore rupees on revenue of 2,274 crore rupees in FY25.