According to sources familiar with the matter, SoftBank Group, led by legendary investor Masayoshi Son, along with key GoTo Group shareholders such as Provident Capital Partners and Peak XV, are pushing to remove CEO Patrick Walujo from his position at the Southeast Asian ride-hailing provider. Analysts widely view this move as potentially accelerating acquisition talks between GoTo Group and Grab Holdings (GRAB.US).

Reports indicate that several GoTo shareholders have signed a memorandum submitted to the board, demanding an extraordinary general meeting. Key backers, including some of GoTo's co-founders, propose voting on critical matters, including the removal of Walujo, under whose leadership the company's market capitalization has plunged over 40%. Walujo is also seen by shareholders as a major obstacle to a potential Grab takeover.

Grab, backed by U.S. delivery giant Uber Technologies Inc., has engaged in intermittent negotiations with GoTo, but a merger has never materialized, primarily due to antitrust concerns surrounding the consolidation of Southeast Asia's two largest tech players. Uber exited the region in 2018 in exchange for a stake in Grab, while smaller competitors have failed to significantly erode either company's market share.

Since the beginning of this year, Grab has actively pursued the acquisition of rival GoTo Group, though substantial progress remains elusive. Insiders reveal that Grab has been evaluating GoTo's financials, contracts, and operational details. Both companies, which have reported persistent losses, are the region's dominant ride-hailing platforms and have held on-and-off talks for years, aiming to reduce costs and ease competitive pressures in a market of over 650 million consumers.

Despite potential antitrust hurdles, the two giants see consolidation as a path to bolstering competitiveness and improving financial performance. For Grab, acquiring GoTo—whose business overlaps significantly—would unlock synergies in technology, platform operations, and marketing. The deal would also allow Grab to integrate Indonesia's and Southeast Asia's largest internet platform resources, further expanding its user base and market share.