As per the revised SEBI Guidelines for Angel Funds released in September 2025, what is the maximum investment in an investee company, including follow-on investments, that can be made by an Angel Fund?

In terms  of  proviso  to  Regulation  19F(1)of  AIF  Regulations, Angel  Funds may  make additional  investments  in  their  existing  investee  companies  which  are  no  longer  start-ups (‘follow-on investments’). In this regard, the following conditions are specified 1. Follow-on  investment  shall  be  allowed  to  the  extent  the  post-issue  shareholding percentage  of  the  Angel  Fund  in  the  investee  company  does  not  exceed  the  pre-issue shareholding percentage. 2. The  total  investment  in  an  investee  company  by  an  Angel  Fund,  including  follow-on investments, shall not exceed INR 25 Crore. Note – the investment range by Angel funds in an investee company has been widened to Rs. 10 lakh (minimum) to Rs.25 crore (maximum) from the earlier Rs.25 lakh to Rs.10 crore range. The changes related to investment by Angel Funds include: