In recent years, several tech start-ups have grown in size and scale to become dominant players in the modern global economy. Amongst these are Lyft Inc and Uber Inc, both American tech startups offering ridesharing services. Lyft was launched in 2012 under the name Zimride, changing the name to Lyft in May 2013, and it is viewed as a smaller rival to Uber.
Lyft was initially only a ridesharing/ride-hailing firm but has since expanded into offering vehicles for hire, a bicycle-sharing system, motorized scooters, and more recently food delivery.
In 2017, Lyft entered the food delivery service, initially partnering with Taco Bell for a short period. In 2020, the firm entered a partnership with another tech start-up, GrubHub to develop a takeout delivery service. This strategic move was chiefly undertaken in response to the outbreak of COVID-19 and reduced ridership.
