Rocket Internet will invest up to $113m in Tengelmann and Access Industries-backed GFG at a valuation which has dropped two-thirds in less than a year.

Global Fashion Group (GFG), the fashion-focused holding subsidiary of Germany-based e-commerce group Rocket Internet, has raised “at least” €300m ($339m) in funding from its existing investors, Rocket confirmed today.

Rocket Internet itself is investing up to $113m as part of the round, though it expects to contribute approximately $96m.

Founded in 2014, GFG groups together six Rocket Internet e-commerce properties – Brazil-based Dafiti, Russia-based Lamoda, United Arab Emirates-based Namshi, Australia-based The Iconic, India-based Jabong and Singapore-based Zalora – into a…