Hyperloop India partners with Ketto to raise crowdfund

Hyperloop India has announced the partnership with crowdfunding platform Ketto to raise funds. Ketto will start an online campaign from late evening under the title 'Join the Loop' to invite contributions from all over the world, reported PTI.

The transporting company aims to build a last mile pod prototype with Workbench Projects to feature in a global design competition for superfast transportation system using advanced magnetic levitation technology.

"We have partnered with Ketto to raise the final leg of funds required to build the pod prototype to compete in the global design competition for the super fast transportation system," Team Lead and Founder, Hyperloop India, Sibesh Kar told the news agency.

The company had signed the partnership with Workbench Projects for building the 4X2 metre pod at Workbench Projects facility in Bangalore.

Workbench Projects expects to raise at least Rs 30 lakh. Around Rs 75 lakh was required to build the pod and Rs 35 lakh had been raised so far from various corporates, according to Pavan Kumar, CEO and Founder, Workbench Projects.

Hyperloop India team comprises of more than 80 students from BITS Pilani, Indian School of Business and IIM-Ahmedabad. Their scaled down pod prototype 'OrcaPod' has been selected for the final stage of SpaceX's Hyperloop Pod Design competition.

OrcaPod, being developed by Hyperloop India -- one of the five teams shortlisted for Hyperloop One Global Challenge -- can reach speeds up to 460 kmph.

Hyperloop One, Ripple Technologies, Maxus, Geotrix, TVF, Discovery, Do. Creative, SKF, and One and Only among others are the sponsors, while Startup India, RITES, NITI Aayog, Peenya Industries Association, BMRCL and Invest India among others are partners for making of pod prototype.

Hyperloop envisages transporting passengers or goods inside capsules put inside a vacuum created in special tunnels above the ground at speeds of over 1,000 kmph.