One97 Communications to raise over Rs 120 billion from SoftBank

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.