(CNN) India's hopes for winning its first Oscar for Best International Feature Film will rest this year on "Gully Boy," which tells the story of a rising rapper from Mumbai.

Producer Farhan Akhtar announced on Twitter that the movie is India's official entry for the 92nd Academy Awards.

"Gully Boy," which premiered at the Berlin Film Festival in February, focuses on the life of an aspiring rapper in Mumbai's Dharavi slum.

The film, which stars Bollywood A-listers Ranveer Singh and Alia Bhatt, was inspired by the lives of Mumbai street rappers Divine and Naezy.

It was produced by Ritesh Sidhwani and siblings Zoya Akhtar and Farhan Akhtar under Excel Entertainment and Tiger Baby Productions.

US rapper Nas also served as an executive producer for "Gully Boy," which has grossed an estimated $37 million worldwide.

"We are so thrilled that #GullyBoy has been selected as India's official entry to the 92nd Academy Awards in the Best International Feature Film Category," Singh said on Twitter.

Veteran actress and filmmaker Aparna Sen ("Sonata") lead the jury for this year's selection committee.

"The energy of the film is something that we felt was very infectious and we really thought that it would speak to the audience, the people at the Oscars," said Sen, referring to the film's nomination, in a video tweeted by the Calcutta Times.

Although India has three Academy Award nominations under its belt in this category -- for "Mother India" in 1957, "Salaam Bombay" in 1989, and "Lagaan: Once Upon a Time in India" in 2002, the country hasn't won.