New Delhi, July 14 -- The founders of UK-based Oxane Partners have initiated the process to sell majority stake in the software provider to private credit and alternative asset managers, seeking a valuation of $200-250 million, according to three people familiar with the matter.

The sale comes as technology providers serving the fast-growing private credit market draw increasing investor interest, with specialist software firms benefiting from the asset class's rapid expansion.

"They have engaged Avendus and Jefferies as advisors to help manage the process," one of the people cited above said.

"The deal is still in the early days and initial feelers have been sent out to the top private equity firms with a large exposure to software an...