Chinese firm Beijing Kunlun Tech has announced that it has bought a controlling stake in Grindr, the world's biggest gay dating app, for $93 million.

The game developer bought 60% of the stake in the U.S. based app during a filing at the Schenzen stock exchange. 

Kunlun Tech chairman, Zhou Yahui, became a billionaire last year after the Chinese firm listed its shares. Meanwhile, Grindr has grown rapidly since 2009 and is now operating in more than 196 countries worldwide. 

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Grindr's remaining stock shares will continue to be owned by founder and chief executive Joel Simkhai and his employees. 

In a blog post released on Tuesday, Simkhai wrote "For nearly seven years, Grindr has funded its self-growth, and in doing so, we have built the largest network of gay men in the whole world. In light of the news, we have taken this investment in our company to further accelerate our growth and to allow us to expand our services for you."

The Los Angeles, California-based app hosts more than two million visitors a day and matches users according to their location and photo, meaning a user will be able to interact with other users that are within his location and preferences. It is somewhat similar to the dating app, Tinder, which caters to both men and women. 

The acquisition of Grindr is the latest in a series of deals finalized by Beijing Kunlun Tech. The company has also purchased a stake in the British mortgage lending company, LendInvest.

TagsGrindr, Kunlun Tech, Zhou Yahui, Joel Simkhai