India, July 29 -- Raheel Shah, the cofounder and chief business officer of education-focused non-banking financial company (NBFC) Eduvanz, has stepped down from his role.

The resignation comes at a time when the company is undergoing restructuring, sources told Inc42. While the reason behind Shah's departure is unknown, sources further highlighted that he is likely to launch his own incubator to mentor startups.

Inc42 has reached out to Eduvanz as well as Shah for comments on the development. The story will be updated based on their responses.

Founded by Shah and Varun Chopra in 2016, Eduvanz initially collaborated with educational institutions and financial institutions to offer loans to students opting for higher education, skilling ...