The hyperloop competition is sponsored by SpaceX with the goal of spreading awareness on the idea and invite the best minds from across the world to work on developing the concept.
A group of engineering students from IIT Madras -- Avishkar Hyperloop -- have got selected to the final round of SpaceX Hyperloop Pod competition 2019. The event will be held in July this year in Los Angeles, California. The group of students, who beat 20 other finalists, to present their hyperloop idea, will be sponsored by P2P lending firm RupeeCircle.
Working together at the Center for Innovation (CFI), the student innovation lab in IIT Madras, a group of engineers, designers and business analysts came together to form Avishkar Hyperloop. According to a report by the Business Standard, their aim was to design and develop a new mode of commute -- the hyperloop.
The concept of commuting through hyperloop was the brainchild of billionaire industrialist Elon Musk, who is the founder of Tesla and SpaceX. Musk believes that hyperloop has the potential to transform the entire transportation industry.
Notably, the competition is sponsored by SpaceX with the goal of spreading awareness on the idea and invite the best minds from across the world to work on developing the concept.
The Avishkar Hyperloop team cleared the preliminary design briefing round, leaving behind hundreds of other participants from across the globe. Right now, they are preparing for the final round, which will be held in Los Angeles.Commenting on the Avishar team’s feat, Ajit Kumar, the founder and CEO of RupeeCircle, said: “We aim to be at the forefront of technology that would impact the global business landscape. Therefore, we believe in promoting initiatives that have the potential to benefit the masses. It is a privilege to be a part of this talented, innovative group and be able to support them in their efforts. As a start-up we are aware of the hurdles that innovators face on their quest to success, and that’s why we decided to back the Avishkar team, by funding their mission.”Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.