In this paper, Rapid Control Prototyping (RCP) of five-level Modular Multilevel Converter (MMC) based Induction Motor (IM) drive performance is observed with different switching frequencies. The Semikron based MMC Stacks with two half-bridge each are tested with the switching logic generated by phase and level shifted based Sinusoidal Pulse Width Modulation (SPWM) technique. The switching logic is generated by the Typhoon Hardware in Loop (HIL) 402. The disadvantages of Multilevel Converter like not so good output quality, less modularity, not scalable and high voltage and current rating demand for the power semiconductor switches can be overcome by using MMC. In this work, the IM drive is fed by MMC and the experimentally the performance is observed. The performance of the Induction Motor in terms of speed is observed with different switching frequencies of 2.5kHz, 5kHz, 7.5kHz, 10kHz, 12.5kHz and the results are tabulated in terms of Total Harmonic Distortion (THD) of input voltage and current to the Induction Motor Drive. The complete model is developed using Typhoon HIL 2021.2 Version Real-Time Simulation Software.