Indian digital payments firm Paytm (PAYT.NS) said on Wednesday it would be able to breakeven for a key measure of profitability by September next year, boosting its shares, which have struggled so far due to doubts over its business model.

The company’s stock, which has lost more than 70% from its IPO price of 2,150 rupees, rose as much as 4.3% to a near three-week high of 635.4 rupees.

“We are encouraged by our business momentum, scale of monetization and operating leverage. We expect this to continue, and I believe we should be operating earnings before interest, taxes, depreciation, and amortization (EBITDA) breakeven in the next six quarters,” founder Vijay Shekhar Sharma said.
Backed by China’s Ant Group and Japan’s SoftBank Group Corp (9984.T), Paytm raised $2.5 billion in November last year in India’s biggest initial public offering (IPO), but made a dismal debut on widespread concerns about its high valuation.

Sharma also said his stock grants will only vest when the firm’s market capitalisation crosses the IPO level on a sustained basis.