LUXEMBOURG CITY, Luxembourg — Global Fashion Group, the e-commerce firm backed by Kinnevik and Rocket Internet, has raised 150 million euros ($166.52 million) in funding, valuing the possible stock market flotation candidate at 3.1 billion euros ($3.45 billion).

The financing round in Global Fashion Group, or GFG, was led by Swedish investor Kinnevik and Germany's Rocket Internet, each of which will have slightly reduced ownership stakes as a result of increased investments by other, unnamed parties.

Its investors have signaled GFG is a candidate for a future initial public offering, although no time frame has been set.

Luxembourg-based Global Fashion Group was created by combining five e-commerce brands which continue to operate in emerging markets around the world. When formed last September, it was valued at 2.7 billion euros (24.9 billion Swedish crowns).

Kinnevik will now hold at least 25.0 percent of GFG, down slightly from 25.4 percent in April, while Rocket will own at least 21.9 percent, down from 23.0 percent two months ago, according to GFG and documents from the two investors.

Separately, GFG also said it agreed to acquire two Brazilian online fashion businesses: Kanui, a surf and skate e-commerce supplier, and Tricae, an e-commerce firm focused on children's and baby clothing. The purchases were share-for-share deals.

Kanui is a three-year-old sports and outdoor fashion and equipment e-commerce business with 30 million euros in net revenue in 2014. Kids' clothing company Tricae, also founded in 2011, had 20 million euros in net revenues last year.

The two Brazilian businesses will be integrated into GFG’s Latin American business, Dafiti. Dafiti reported 2014 net revenue of 190 million euros.

Proceeds of the 150 million euro equity financing round will be used to develop shared warehousing, marketing and product development between GFG's five regional fashion brands, it said.

Besides Dafiti in Latin America, GFG also operates under the Namishi brand in the Middle East, La Moda in the Russian confederation, Jabong in India, and Zalora in southeast Asia and Australia.

By Eric Auchard; editor: Louise Heavens.