OnGrid Group has recently acquired Ancora Technologies, a Gurugram-based company that provides AI-driven incentive and commission management solutions for sales channels across banks and financial institutions.
OnGrid Group operates four products: OnGrid, which handles employment and identity verification; Gridlines, which offers BFSI verification and onboarding APIs; eLockr, a digital credentialing platform; and Reczee, a hiring workflow tool.
With Ancora now in the fold, the group adds a channel-productivity layer to its existing verification infrastructure, creating what it describes as a single lifecycle management platform for onboarding, verifying, activating, and monitoring customers, vendors, and channel partners.
The acquisition follows the Reserve Bank of India’s recently announced guidelines on engaging third-party agents for sales and collections.
Founded in 2019 by Aman Garg, Rahul Singh, and Rohit Panwar, Ancora’s flagship Incentives and Commission Management platform currently manages over 3,00,000 sales agents and employees across more than 15 banks and NBFCs, and processes over Rs 650 crore in commissions every month. Garg, Singh, and Panwar will join OnGrid’s leadership team following the deal.
Rohit Panwar, Co-founder, Ancora Technologies said, “Ancora has been an extensive user of OnGrid’s services across vendor onboarding and credit origination journeys, so we’ve seen first-hand what Piyush, Vineet, and the team have built. OnGrid is a remarkable example of how you can build a scalable, profitable business without venture capital, growing solely on the strength of a great product and customer trust. This resonates deeply with us.”
Piyush Peshwani, CEO and Co-founder, OnGrid, said the combined platform is designed so that a financial institution can take an agent from onboarding to first payout without leaving OnGrid’s platform.
He added, “India’s lending ecosystem has a distribution problem as much as it has a verification problem. The winners in BFSI infrastructure will not be the companies that sell the most API calls; they will be the ones that own the workflows where trust and revenue are created. Ancora gives us the channel-productivity layer to sit on top of our verification rails, so a financial institution can take an agent from onboarding to first payout without leaving our platform. This is the start of a much larger build.”
Ancora’s roadmap includes automated customer acquisition, credit decisioning, and AI-assisted asset valuation. For banks and lenders, the combined offering is aimed at cutting onboarding time, reducing mis-selling risk, and accelerating the time between agent activation and first commission payout.
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