Backpack startup disappears after raising â¹5 cr, faces probe
US' Federal Trade Commission is investigating a startup named iBackPack, which raised over $700,000 (nearly â¹5 crore) across two crowdfunding campaigns and is yet to ship the product. The product was marketed as a WiFi-enabled, battery-packed backpack to power gadgets and provide local hotspot for the wearers' friends. However, some backers reported receiving accessories like batteries and cables.