Hyperloop India today partnered crowd funding platform Ketto to raise funds for the last mile of building pod prototype with Workbench Projects to feature in a global design competition for superfast transportation system using advance 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. We urge the Indian community to contribute to our success in realising our goals," Team Lead and Founder, Hyperloop India, Sibesh Kar told PTI over phone.
Hyperloop India comprises 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.
Hyperloop India had signed the partnership with Workbench Projects for building the 4X2 metre pod at Workbench Projects facility in Bangalore.
To a query, Workbench Projects Founder and CEO Pavan Kumar said he expects to raise at least Rs 30 lakh and would be delighted if it exceeds this target "as we need all the support we can get."
Kumar said Rs 75 lakh was required to build the pod and Rs 35 lakh had been raised so far from various corporates.
Ketto will start an online campaign from late evening under the title 'Join the Loop' to invite contributions from all over the world, he said.
"The campaign will run for the next 45 days, and we will be delighted if we are able to raise Rs 30 lakh or more for us to build the - OrcaPod prototype," another Workbench Projects Co-Founder Anupama Gowda said.
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, Kumar said.
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 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.
The pod will be raced inside a mile-long vacuum tube built by SpaceX at Hawthorne in California, the official said.
Hyperloop Transport Technologies had met Prime Minister Narendra Modi and several others, including chief ministers of various states, expressing interest in starting the project in India.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)