OnGrid Group, the company behind OnGrid, Gridlines, eLockr, and Reczee, today announced the acquisition of Ancora Technologies, a Gurugram-based company focused on AI-driven incentives and commission management for financial institutions. The acquisition marks a strategic step in OnGrid Group’s broader effort to strengthen trust, compliance, and operational efficiency across the BFSI ecosystem.
As banks, NBFCs, and financial institutions scale their distribution networks, they often face a disconnect between partner onboarding, verification, activation, and performance management. These functions are typically managed across multiple systems, leading to operational inefficiencies, compliance gaps, and limited visibility into channel performance. OnGrid’s expansion into distribution infrastructure addresses this gap by bringing greater continuity and control across the channel lifecycle.
“This acquisition represents an important step in how we think about BFSI infrastructure,” said Piyush Peshwani, Co-founder, OnGrid. “India’s lending ecosystem has a distribution problem as much as it has a verification problem. The long-term opportunity lies not in solving these problems separately, but in building integrated systems where trust and revenue workflows operate together. Ancora adds a powerful channel productivity layer on top of our verification and onboarding infrastructure, enabling institutions to move from onboarding to activation and payouts in a far more connected way.”
Founded in 2016, OnGrid Group operates across digital trust, verification, compliance, and workflow infrastructure. Through OnGrid, Gridlines, eLockr, and Reczee, the group serves enterprises across employment, BFSI, and digital onboarding use cases, powering verification, onboarding, and trust workflows at scale.
With this acquisition, OnGrid Group expands beyond verification and onboarding into channel performance and incentive management. This allows financial institutions to bring distribution workflows closer to the trust and compliance systems that support them, reducing fragmentation while improving governance, auditability, and operational efficiency.
Founded in 2019 by Aman Garg, Rahul Singh, and Rohit Panwar, Ancora helps financial institutions acquire customers faster, expand agent networks, and improve sales productivity through incentive-led engagement systems. Its flagship Incentives and Commission Management platform currently manages more than 300,000 sales agents and employees across 15+ banks and NBFCs, processing over ₹650 crore in commissions every month.
“Ancora has been an extensive user of OnGrid’s services across vendor onboarding and credit origination workflows, so we’ve had first-hand experience of the platform and team,” said Rohit Panwar, Co-founder of Ancora Technologies. “What stood out to us was OnGrid’s ability to build a highly scalable and trusted business with strong product discipline and customer focus. This combination creates a meaningful opportunity to connect distribution productivity with trust infrastructure in a way that solves real problems for financial institutions.”
The acquisition supports OnGrid Group’s long-term focus on enabling BFSI institutions to scale faster without compromising on trust, compliance, or operational control. It also aligns closely with evolving regulatory expectations, including the RBI’s recent guidance around third-party agents involved in sales and collections.
Ancora’s roadmap across AI-led customer acquisition, credit decisioning, and intelligent asset valuation further strengthens OnGrid Group’s ability to build more intelligent and connected infrastructure for financial services.
The acquisition reinforces OnGrid Group’s commitment to building foundational infrastructure for the BFSI ecosystem. The company will continue investing across verification, onboarding, APIs, and workflow systems, with this move supporting its broader vision of simplifying how financial institutions manage trust, distribution, and growth at scale.
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