Docsumo is an intelligent document workflow automation platform for financial services firms. Docume helps companies extract data from documents, analyse that data and detect document fraud.
Docsumo’s technology reduces back-office costs by up to 70% and increases productivity by 50%. For every million documents processed by a bank at about $1 per document, DocSumo can directly save $700k. What differentiates Docsumo is that their technology can read non-standardised documents such as bank statements, invoices, pay stubs and contracts with over 98% accuracy and more than 90% straight-through processing.
DocSumo is currently piloting with multinational firms such as Northern Trust, Axa and Accenture. Docsumo was started by Rushabh & Bikram while solving the same problem of digitising paper-based processes for a Canadian bank. As a 10-month-old bootstrapped startup, Docsumo generates $150k in annual recurring revenue.
- Rushabh Seth - CEO
- Bikram Dahal - CTO
Q and A with Rushabh Sheth, Founder and CEO of Docsumo
What inspired you to go away and solve the problem you are addressing?
My co-founder Bikram used to work for a data entry company to earn pocket money during his college days. They treated him like a robot and the work was boring. As if by sheer destiny, Bikram and I ended up solving the same problem for a Canadian bank in 2018. We decided to automate a part of their document-based back office and they achieved massive cost savings. Once we realised that we could build this automation technology ourselves, that inspired us to build Docsumo, with the aim to turn unstructured documents into actionable data - quickly & accurately.
What tips would you give an aspiring entrepreneur?
Take the plunge if you think you will regret it later. The biggest risk is not taking any risk. You might fail but you will learn a lot in the process. Make sure to keep good notes so that you know what you have learned and can refer to it years later. Most importantly find a co-founder who you can trust with your life. Someone you have worked with before and not a friend or relative. Having a cofounder doesn’t make building a business easier, but it drastically improves your quality of life when you can share your joys and sorrows with someone who is working as hard as you to make the company successful.
What's the hardest part of being a founder?
Uncertainty. Even though you expect the journey to be difficult, until you are on the road, you will never know how hard it can be. Making payroll month over month while you take a tiny salary is tough. You will need to question a lot of assumptions that you never knew you made, every day. Being a founder is like drinking anxiety out of a hosepipe, especially when you start achieving some success. You need to figure out a way to handle it.
If you weren't building your startup, what would you be doing?
Building a button on an app that would let you donate a year's worth of school supplies to poor families in India to get them out of poverty.
What gets you out of bed in the morning?
My alarm, very soon followed by a series of emails that I need to answer and sense of feeling that I need to crush it today. Being an optimist helps and I like to take things one day at a time.