The drop largely affected ride hailing, food delivery and “other services with internet convenience advantages”, the report found. Private investors have soured on the start-ups as politicians scrutinise their use of contract workers and public investors become sceptical of lossmaking consumer businesses. Ride-hailing companies Lyft and Uber have faced pressure on both fronts, with investors sending their shares down about a third from initial public offering prices.

https://www.ft.com/content/22586af4-15ca-11ea-8d73-6303645ac406?accessToken=zwAAAW7dCaxIkc8iWGr0FcoR6tONc2MDZFrEBg.MEUCIQDuRWAvL40yMQQXTijVXKW5osnYo7btxAvecMzd-JU9YgIgPYR2dUJefN9DxahyM-Aczqa6atCMX_PgWQjXmIeeZDE&sharetype=gift%3ftoken%3d133cf7bf-49e6-4e38-a3ca-38ad35af0a9c