Question
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?Solution
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: 
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