Oyo founder Ritesh Agarwal’s investment vehicle has proposed to inject another $65.1 million into the hotel management startup, according to shareholder notifications reviewed by TechCrunch.

The investment, through Redsprig Innovation Partners, would value the SoftBank-backed company at $3.8 billion, according to terms shared in the extraordinary general meeting notice.

While this represents a 38% premium to Oyo’s recent $2.3 billion valuation — at which it secured $175 million — the implied worth remains significantly below its 2019 peak of $10 billion. (Oyo has raised more than $3.4 billion in equity and debt since its inception, according to Tracxn.)

Redsprig invested about $100 million in the recently concluded $175 million funding round.

It remains unclear who has backed Redsprig and whether Agarwal has settled the $2 billion loan he took in 2019 to repurchase Oyo shares from Peak XV and Lightspeed India.

The hospitality group is preparing to submit regulatory filings — for the third time — for an initial public offering within two months, according to a person familiar with the matter.