Meituan-Dianping, the top provider of on-demand services in China, has sealed a record-breaking $3.3 billion USD funding round, valuing the company at more than $18 billion USD. The funds will be used to consolidate their market share as competing powerhouses Alibaba and Baidu seek to boost their own services.

Investors in the latest round include Chinese tech giant Tencent Holdings Ltd., VC firm DST Global and Singapore state investment firm Temasek Holdings Pte Ltd, said the company on Tuesday.

The investment marks the biggest single private fundraising round ever snagged by a VC-backed startup. Last year China’s leading ride-hailing service Didi Kuaidi raised $3 billion USD, spurring speculation that a bubble was forming in the country’s booming offline-to-online sector.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com