Where angels invest from
- Angel networks — for example IAN Group (formerly Indian Angel Network), Mumbai Angels, The Chennai Angels and Inflection Point Ventures, which screen startups and invite members into deals.
- Platforms — such as LVX (formerly LetsVenture), which run syndicates and angel funds.
- Founder and operator angels — often the most valuable for introductions and hiring.
- Angel funds — SEBI-registered Category I AIFs that pool angels (see below).
Angel funds: the rules since September 2025
- Only accredited investors can invest through a SEBI angel fund.
- Each investment is ₹10 lakh to ₹25 crore per startup, in DPIIT-recognised startups.
- Lock-in of one year (six months on a sale to a third party).
- Full detail: angel funds under SEBI’s new rules.
What to have ready
- A short deck and a one-page summary with the problem, traction and the ask.
- A simple model showing how the money gets you to the next milestone.
- A clean cap table and incorporation documents.
- DPIIT recognition — needed for angel funds and convertible notes.
Instruments and filings
- Angels typically use equity shares, CCPS or iSAFEs; convertible notes are available to DPIIT-recognised startups (minimum ₹25 lakh per non-resident investor in a single tranche).
- Valuation, approvals, PAS-3 within 15 days and — for NRI or foreign angels — FC-GPR within 30 days. See the complete funding guide.
- Angel tax no longer applies from AY 2025-26 — see angel tax.
Frequently asked questions
How do I find angel investors in India?
Through angel networks such as IAN Group, Mumbai Angels, The Chennai Angels and Inflection Point Ventures, platforms such as LVX (formerly LetsVenture), SEBI-registered angel funds, and founder or operator angels in your network.
Who can invest in a SEBI angel fund?
Since September 2025, only accredited investors (plus key managerial personnel of the fund or manager) can invest through a SEBI-registered angel fund.
Do NRI angel investors need any filings?
Yes. Shares issued to NRI or foreign angels must be priced at not less than fair value and reported in Form FC-GPR within 30 days of allotment.
Please note: this guide is general information based on the rules as they stood on the review date above. Regulations and RBI/CBDT procedures change often — please get advice on your specific facts before acting.