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          <h1>Angel funds may invest only in unaffiliated startups; per investor Rs 10 lakh-25 crore, lock-in, no associate investments</h1> Angel funds may invest only in startups that are not promoted, sponsored by, or related to corporate groups with combined turnover exceeding Rs. 300 crore; follow-on investments in former startups are permitted subject to Board conditions. Individual investments must range between Rs. 10 lakh and Rs. 25 crore and are subject to a prescribed lock-in. Angel funds must not invest in associates. Each investee investment must have contributions from at least two accredited investors, and funds cannot accept contributions for an investee from angel investors who are related parties to that investee. Overseas investments are permitted subject to applicable central bank and regulatory conditions.

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