Shanghai-based startup Dianping Holdings, owner of the eponymous restaurant-review and group-buying services app, has raised US$850 million from a group of investors for a total valuation of US$4.05 billion, The Wall Street Journal reported, citing unnamed sources. The fundraising round is the second-largest on record for a Chinese startup after Xiaomi (one of the investors from said round, along with Tencent (0700.HKG)) raised US$1.1 billion in December. Dianping claimed to have more than 190 million active users and to cover more than 12 million local businesses in 2,300 cities across China in the fourth quarter of 2014.