Petsmart announced its plans to acquire e-commerce platform Chewy for a reported $3.35B, which tops e-commerce M&A deals since 2009.

On April 18, Petsmart announced its acquisition of pet care e-commerce platform Chewy, for a reported price tag of $3.35B. The deal, if finalized, would propel Chewy to the most expensive e-commerce acquisition in recent history (since 2009), knocking out, which Walmart acquired in 2016 for $3.3B.

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Compared to, which relied heavily on venture funding and raised $725M before its acquisition, Chewy had raised significantly less from backers including T. Rowe Price, BlackRock, Volition Capital, and several others.

Both deals highlight the efforts of traditional brick-and-mortar retail chains to build their digital channels, especially in areas that lend themselves to automated refill like CPG which was an early focus for Jet (Chewy offers a subscription option).

In third place we see Avito, a Russian online classifieds site. Naspers, a South Africa-based multinational media company, invested a $1.2B a corporate majority into Avito in 2015, valuing the company at up to $2.7B.

Rounding out the top five e-commerce M&A transactions are Alibaba’s 2015 deal taking a majority stake in Lazada, a Southeast Asia-focused e-commerce platform, which valued Lazada at $1.5B, followed by Amazon’s 2009 acquisition of Zappos. Amazon’s offer for Zappos was originally valued at $928M, but an increase in Amazon’s stock price before the deal closed boosted the deal value to $1.2B.

Dollar Shave Club, acquired by Unilever for $1B in 2016, is tied for sixth. Dollar Shave Club is the highest-vaued startup on the list to focus on its own branded goods, rather than operate as a multi-brand marketplaces.

See the full list below. Amazon and Naspers both show up multiple times as acquirers on the list.

Top VC-Backed E-Commerce M&A Deals by Valuation, 2009 – Present (4/18/17)
Rank Company Date Valuation ($M) Acquirer
1 Chewy Q2’17 $3,350 Petsmart
2 Q3’16 $3,300 Walmart
3 Avito Q4’15 $2,729 Naspers
4 Lazada Q2’16 $1,500 Alibaba Group
5 Zappos Q3’09 $1,200 Amazon
6 Ebates Q3’14 $1,000 Rakuten
6 Dollar Shave Club Q3’16 $1,000 Unilever
8 IronPlanet Q4’14 $785.5 Ritchie Bros.
9 Bluestem Brands Q4’14 $565 Capmark Financial Group
10 Privalia Q2’16 $560 Vente Privee
11 Net-A-Porter Q2’10 $530 Richemont
12 Quidsi ( Q2’11 $500 Amazon
13 Buscape Q3’09 $376 Naspers
14 Trunk Club Q3’14 $350 Nordstrom
14 Q4’09 $350 GSI Commerce


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