Rushabh Sheth

Rushabh Sheth is co-founder and CEO of Docsumo, a New York document AI company whose platform extracts and checks data in bank statements, invoices, and insurance paperwork. He started it in 2019 with Bikram Dahal, and Docsumo’s about page says he leads sales, marketing, and investor relations.

From a Bank Consulting Project to a Company

Sheth’s degrees are a B.Tech and M.Tech from IIT Bombay and an MBA from IIM Bangalore, according to Docsumo’s about page, which adds that he worked in data science consulting, e-commerce, and classifieds before Docsumo.

In 2018 he and Dahal were building document data-capture APIs as a consulting project. Sheth told Equip in 2022 that the idea for Docsumo came while solving document data capture for a Canadian bank, and that they saw the problem of digitizing customer journeys reaching every large enterprise.

Two Lucky Breaks Early On

Asked by Equip about luck, Sheth named two. The first was PayU, which became Docsumo’s first customer in 2019. “We had already told our 2 employees to find other jobs since we were running out of cash 9 months into the company,” he said, and PayU’s agreement “kept the lights on.”

The second was meeting Vaibhav Domkundwar of Better Capital, who helped Docsumo into Techstars. Sheth said that “changed the trajectory of the company and gave Bikram and me the ambition to build a global SaaS product.”

A US Focus and a Seed Round

Docsumo raised a $3.5 million seed round in March 2022, led by Common Ocean with participation from Fifth Wall, Arbor Realty Trust, and existing investors, according to Entrackr, which said the company planned to use the money to expand its client base in North America and grow its team. Docsumo’s about page now lists headquarters in New York, offices in the United States, India, and Nepal, and a platform that adds Case Management and Document Workflows to its extraction product.