One97 Communications Ltd, which operates Paytm, has raised $1 billion from new and existing investors, including Japan’s SoftBank Group and China’s Ant Financial. The funds will allow the digital payments firm to beef up its finances to make a deeper foray into India’s hinterland amid intensifying competition from Google Pay and Walmart Inc.-owned PhonePe Pvt. Ltd. The fundraising has lifted Paytm’s valuation to $16 billion, from the $15 billion valuation in August.