One97 Communications is set to raise over Rs 120 billion from Japan’s media and telecom conglomerate SoftBank. The deal will result in SoftBank securing a 20 per cent stake in the company. In 2016, Paytm, a company owned by One97, had raised funds from Taiwanese semiconductor manufacturer MediaTek. The new funding comes at a time when Paytm is strengthening its payment operations which face intense competition in the payments space from players like MobiKwik and Flipkart’s Phonepe.