Raheel Shah, co-founder and chief business officer of education-focused NBFC Eduvanz, has stepped down, the Inc42 reported.

Shah plans to float his own incubator to mentor startups. Prior to launching Eduvanz, Shah was founding partner of edtech startup CurrEQlum.

Shah launched Eduvanz with Varun Chopra in 2016, originally partnering with educational and financial institutions to provide loans for students pursuing higher education, skill development courses, or vocational training.

The NBFC has since broadened its scope to include K-12 loans, school fee financing for parents, test preparation funding, and study abroad financing. According to its website, the company now also offers financing for electronics, gaming equipment, wearables, and electric two-wheelers.

Additionally, Eduvanz has partnered with education loan marketplace WiZR to integrate its financing solutions.

Earlier in February, Eduvanz raised $2.9 million in bridge funding round, co-led by existing investors Juvo Ventures and Capria Fund. The company has raised $49 million in total in debt and equity funding.

Its investors includes Peak XV Partners, Rethink Education, Tiger Global, MAS, Vivriti, Oxyzo, Unifi AIF, S3 Group Partners, InCred Financial Services, Vivriti Capital, and Northern Arc Capital.

Eduvanz faced challenges in 2023 due to its connection with skilling startup Skill-Lync. Students accused Skill-Lync of misleading them into taking loans by presenting them as employed when they were actually unemployed, with Eduvanz serving as the loan provider.