New Delhi, Dec. 24 -- Kedaara Capital-backed education firm K-12 Techno Services, which operates Orchids The International School chain, is in discussions to raise $150-200 million in a fresh round, three people familiar with the matter said.

European private equity firm Vitruvian Partners is evaluating the deal as a lead investor, while others such as ChrysCapital, Warburg Pincus and Permira have held preliminary discussions, the people told Mint.

The proposed transaction is expected to be largely secondary, with a smaller primary component, and could result in a partial exit for early backer Peak XV Partners.

"The discussions have been underway for five to six months, but the final closure is subject to multiple legal, tax and commer...