Lyft was founded in 2007 as Zimride and became Lyft in 2013. It is a ridesharing platform that connects passengers who need rides to nearby drivers using their personal vehicles. Key aspects of Lyft's business model include matching riders and drivers through their mobile app, offering multiple car options and payment processing within the app. Lyft generates revenue primarily through commissions from each ride completed through the platform. It focuses on providing affordable, convenient transportation to users while also offering drivers a flexible way to earn additional income.