[fgonzag]

That's the thing about these non tech companies though. They have fixed costs per transaction, something pure tech companies don't. So tech companies can grow at a loss because their marginal cost for each customer is zero or close to zero. As long as you are selling more, you are getting closer to profitability.

This does not apply to all these "unicorns" that have a non negligible marginal cost on their services.