Rumor has it Meituan-Dianping just raised the biggest funding round ever

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UPDATE: Meituan-Dianping has confirmed this rumor. Click here for an up-to-date story about the round.

Chinese tech media site Sina Tech is reporting that according to a knowledgeable source, Chinese daily deals company Meituan-Dianping has closed a new investment round worth US$3.3 billion, and the money is “already in the account.” If true, this would likely be the highest-ever non-IPO funding round raised by a startup, beating out the previous record holder Didi Kuaidi, which raised US$3 billion last year.

Tech in Asia has contacted Meituan to confirm this report and will update this story when we hear back.

Meituan raised one of the biggest investment rounds of 2015, but that US$700 million series D from Sequoia Capital, Northern Light Venture Capital, and Alibaba, among others, would pale in comparison to this new round if the rumors are true. There are no details yet about which investors might have participated in the new round.

Meituan also merged with competitor Dianping in 2015, although the two services continue to be operated separately.

Until it’s confirmed, no one should assume that Sina Tech’s report is accurate – it’s not unusual for crazy rumors like this to float around China’s tech scene and ultimately prove to be false, although the massive number of this round and the claim that the deal has already been closed do make it stand out. But if – and that’s a big if – the huge round is real, it’s not great news for Baidu-backed Meituan competitor Nuomi, which also has a sizeable stake of China’s daily deals market.