India's 54th richest man Rakesh Jhunjhunwala has acquired a minority stake in Indian games studio Nazara Technologies for approximately $27.9 million (1.8 billion Indian rupees).

Jhunjhunwala was named India's 54th richest man by Forbes in the 2017 edition of its India's Richest People list. He currently has a net worth of around $3.1 billion.

Nazara has cleared 34 million downloads across its entire portfolio as of September 30th 2017. It had 10 million monthly active users on Google Play at the time.

Consistent track record

"I am always on the lookout for promising companies which are leaders in high growth verticals. Nazara is a leading company in the mobile games business," said Jhunjhunwala.

"Nazara has a consistent track record of delivering profits, cash flows, along with efficient use of capital and high ROE. I see a growth potential in the company."

Back in September 2017 it was reported that Nazara was planning an IPO with a valuation of up to $550 million by the end of the financial year. It is apparently looking to sell $157 million in shares as part of the initial offering.