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GoTo seeks path to profit as a key player takes a step back

Move comes as founding CEOs at regional rivals Sea, Grab tighten grip

 GoTo executives appear at the company's inaugural annual shareholders' meeting on June 28 after listing in April. (Photo courtesy of GoTo Group)

JAKARTA -- A co-founder of one half of merged Indonesian superapp provider GoTo has stepped away from day-to-day management, as the company struggles to turn a profit amid a downturn in the global technology industry.

GoTo Group was established in May last year through the merger of two big local startups: ride hailing company Gojek and e-commerce platform Tokopedia. Both made their mark as unicorns, or private companies valued at more than $1 billion.

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