Grab and Gojek, Southeast Asia’s two largest ride-hailing and food-delivery apps, valued at $14 billion and $9 billion respectively, are discussing a merger that would create one of the world’s most highly valued startups, people familiar with the talks said.

A deal would be the latest step in a consolidation of the broader food-delivery and ride-hailing markets, as companies try to stem losses caused by costly fights for market share. But the two sides are far from an agreement on terms, including how to value the two businesses. SoftBank-backed Grab, which operates all over Southeast Asia, competes most fiercely with Tencent-backed Gojek in Indonesia, where Gojek is based.