Stephen, a former journalist, who formed the banner Electric Apples Entertainment with screenwriter-lyricist Niranjan Iyenger, passed away in Goa, a source close to the producer said.
"He died due to COVID-19 in Goa today morning. He was so talented. It is most unfortunate that we have lost him," the source told PTI.
Besides "Indoo Ki Jawani", Stephen had also produced short film "Devi", featuring Kajol, Neha Dhupia and Shruti Haasan.
He is survived by his mother and sisters.
A number of Bollywood celebrities, including Kiara Advani, Varun Dhawan and Farhan Akhtar, took to social media to mourn Stephen's demise.
Kiara Advani put up a picture of the film producer on her Instagram Stories and wrote, "Our dearest Ryan gone too soon."
Dhawan also shared a photo of Stephen and wrote, "Rip Ryan'.
Akhtar posted on Twitter, "Saddened and shocked to hear about the passing of #RyanStephen. Gone too soon... Condolences to his family. RIP."
Saddened and shocked to hear about the passing of #RyanStephen. Gone too soon .. condolences to his family. RIP
— Farhan Akhtar (@FarOutAkhtar) May 29, 2021
Actor Dia Mirza remembered Stephen as a "kindest" and "most beautiful soul". "Can't believe you are gone... Until we meet again," she added.
Heartbroken. One of the nicest human beings i’ve ever known https://t.co/QZbviknDi8
— Dia Mirza (@deespeak) May 29, 2021
Filmmaker Milap Zaveri also paid tributes to Stephen on his Instagram handle.
Monisha Advani, Madhu Bhojwani, Nikkhil Advani's Emmay Entertainment, which also produced "Indoo Ki Jawani", paid homage to Stephen, remembering him as a kind and compassionate person.
"Today with a heavy heart we bid farewell to a dear one, #RyanStephen. You lived life with kindness & compassion, and will always be remembered. Keeping the loved ones in our thoughts and prayers. Rest in peace," a tweet by Emmay Entertainment read.
Actor-model Rahul Dev posted, "A friend over two decades, some delectable evenings over home baked cake & coffee...Lost touch...A creative, kind hearted man. Can't believe Ryan's no more ... Shall miss you champ. May the light be with you. Gone too soon #RyanStephen".