This paper presents a high-speed mathe-matical model of an induction motor in phase coor-dinates designed for real-time operation on the efficient ESP32 microcontroller platform. The model is based on the method of average voltages in an integration step which ensures high computational speed and numerical stability. The software implementation in the ESP32 microcontroller utilizes the Eigen library and the Free-RTOS operating system to enable real-time performance. The adequacy of the proposed implementation is validated by comparing dynamic simulation results ob-tained in Matlab with those obtained on the micro-controller. The results show a high degree of agreement, demonstrating the suitability of the proposed solution for developing affordable hardware-in-the-loop simulators for testing and diagnosing real control systems of induction motor drives.