We study the β-function of the N = 2 σ-model coupled to N = 2 induced supergravity. We compute corrections to first order in the semiclassical limit, c → −∞, beyond one-loop in the matter fields. As compared to the corresponding bosonic, metric σ-model calculation, we find new types of contributions arising from the dilaton coupling automatically accounted for, once the Kähler potential is coupled to N = 2 supergravity.