Malar Group Inc. issued the following announcement on Feb. 15.

Major banks and Investment firms watch closely as Facedrive, completes its round of financing with Malar, positioning it for rapid success and market conversion.

Founder of Facedrive, Imran Khan, stated “Being raised in Toronto and sympathetic to the taxi community, I witnessed the meteoric growth of ridesharing across Canada, and I felt compelled to create an entity that would treat both riders and drivers fairly, unlike our competition. I am passionate about the issues faced by our community and the world as a whole. I also believe passionately in our environment and searched for a way to combine ride sharing with giving back to the earth.

And so, Facedrive was born.”Facedrive was created to offer a transportation network that focuses on vehicle emissions reduction. Customers can request rides in electric, hybrid and gas-powered vehicles through the Facedrive App. Trips on the system offset a little or a lot the CO2 (if any) emitted by contributing a portion of the fees to carbon offset, tree planting and other measured, sustainable programs. The company has currently formed partnerships with the City of Toronto Parks and Works, and the City of Mississauga Parks and Works to plant trees within communities, directly from fares generated through its app.

Facedrive will provide ridesharing through its app, and drivers will participate in revenue through a profit sharing program. Additionally, Facedrives’ fees per ride will be less than its competition and are based on three levels; Electric, Hybrid and Gasoline at two levels, each of Sedan or SUV. Drivers earn 85% - 90% of the journey fare plus tips.

CEO of Malar Group Inc., Sayan Navaratnam, adds, “Facedrives business model was exciting to us, and our group of companies. We seek opportunities around the world that are game-changing, sustainable and positively impact the planet. Imran and his team impressed us with their holistic approach to ridesharing where literally, everybody wins. It’s a difficult and an expensive journey to become a taxi driver, where you are your boss every day, and every dollar counts. Facedrive will quickly become the technology of choice to bring thoughtful customers and responsible drivers, together. We have plans to deepen the ridesharing experience and taking it globally with some alternative creative strategies. “

Malar Group will be leveraging several of its Companies to assist Facedrive in accelerating its growth globally.

Over the next 90 days, the Company will be releasing several exciting announcements involving global partnerships.

Original source can be found here.