SoftBank, other shareholders seek to remove GoTo CEO

Several major investors, including SoftBank, Provident Capital Partners, and Peak XV, are seeking to replace GoTo Group CEO Patrick Walujo after the company’s market value dropped by more than 40% during his tenure.

GoTo, an Indonesia-based tech company offering ride-hailing, payments, and delivery services, is the subject of growing investor speculation about possible renewed deal talks with Singapore’s Grab.

Shareholders have requested an extraordinary general meeting to propose a vote on leadership changes, and Indonesia’s government is talking to both companies about a potential combination, with sovereign wealth fund Danantara set to be involved if a plan moves forward.

GoTo’s board has set a shareholder meeting for December 17, 2025 but did not specify the agenda or confirm any deal.

Grab has previously considered valuing GoTo at over US$7 billion, though market conditions may affect the final terms.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Indonesia’s antitrust stance may outweigh Singapore’s 2018 case

Grab bought Uber’s Southeast Asian operations in 2018. CCCS fined Grab and Uber over S$13 million 1 2. It also ordered changes such as ending driver exclusivity and keeping pre-merger pricing algorithms 1 2. Indonesia’s view on a combined share remains unclear.
The Philippine Competition Commission (PCC) did not block the Grab-Uber deal but imposed remedies 3. Indonesia’s government is involved in Grab-GoTo talks with sovereign wealth fund Danantara. The process may not mirror Singapore’s remedies-first approach.
CCCS said exclusivity deals with taxi fleets and drivers kept rivals from scaling after Grab-Uber 2. Any Indonesia approval would likely check for similar limits and ways to keep entry open in a market where two-wheelers take 63.48% of rides 4.

Payments and logistics may gain power as consolidation reshapes partnerships

Independent rivals include Maxim, inDrive, and Anterin 5. For payment providers like DANA (a popular Indonesian digital wallet) and LinkAja (a state-linked digital wallet) or platforms such as ShopeeFood (run by e-commerce company Shopee) a merger could mean fewer partners or higher commissions.
Indonesia’s ride-hailing market could rise from USD 3.77 billion in 2025 to USD 5.34 billion by 2030, with corporate subscription plans and first or last mile links growing fastest 4. Software and fleet management providers serving smaller operators can win deals against a bigger platform.
Two-wheelers dominate, and electric motorcycle fleets are expanding with battery-swap networks clustered in Java 4. Energy infrastructure investors and battery tech firms may find smaller operators more open to new motor and battery systems.