What is Chewy? How did Chewy develop?

What is Chewy?

Chewy is the largest pet vertical e-commerce company in the United States.

Chewy's IPO process:

Pet food supplier Chewy went public on June 14, 2019, with an initial offering price of $22 and raised $1 billion. Chewy closed at $34.99 on the first day and increased to $44.40 on July 8. PetSmart will remain Chewy's largest shareholder, controlling approximately 70% of the company's outstanding shares and 77% of the voting rights.

Chewy's development history:

Chewy was founded in 2011 by Ryan Cohen and Michael Day, and achieved $26 million in revenue in its first fiscal year. Before being acquired by PetSmart, it received multiple rounds of investment from venture capital firm Volition Capital, mutual fund T. Rowe Price and Blackstone Group, raising at least $236 million in total.

In late 2016, Chewy launched its first durable goods brand, Frisco.

In 2017, two independent brands, AmericanJourney and Tylee's, were launched.

In April 2017, Petsmart, the largest comprehensive pet service company in the United States, acquired Chewy. People familiar with the matter revealed that the acquisition price was US$3.35 billion, which was higher than the US$3.3 billion that Walmart paid for Jet, setting a record for the highest acquisition in Internet history.

Since March 2018, Sumit Singh has been the CEO of Chewy. Singh previously worked at Dell and Amazon and is an e-commerce expert.

In August 2018, Chewy also launched the pharmaceutical service "ChewyPharmacy" and expanded its product categories.

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