Mumbai, May 12 -- The promoters of Bengaluru-based Truffles Hospitality Pvt Ltd, known for its continental cuisine, premium burgers and desserts, are exploring options to raise capital from private equity firms and have engaged Spark Capital to find buyers for the asset, three people familiar with the matter said.

"The deal has been in the market for quite sometime now and several PE firms have been tapped," one of the people cited above said.

The transaction could see Truffles' promoters sell anywhere between a significant minority and a majority stake, depending on the incoming investor and deal structure, the second person said.

"The deal will likely value the overall company at about 3-4x revenue multiple which translates to nearly...