diff --git a/lib/modules/manager/pip_requirements/__fixtures__/requirements9.txt b/lib/modules/manager/pip_requirements/__fixtures__/requirements9.txt
new file mode 100644
index 0000000000..1f6fd94c58
--- /dev/null
+++ b/lib/modules/manager/pip_requirements/__fixtures__/requirements9.txt
@@ -0,0 +1,10 @@
+# Repositories
+--index-url=https://artifactory.company.com/artifactory/api/pypi/python/simple --trusted-host artifactory.company.com --default-timeout 600
+--extra-index-url=http://example.com/private-pypi/
+# Packages
+Django[argon2]==2.0.12
+celery [redis]==4.1.1
+foo [bar] == 3.2.1 # handles extra white space
+some-package==0.3.1
+some-other-package==1.0.0
+not_semver==1.9
diff --git a/lib/modules/manager/pip_requirements/common.ts b/lib/modules/manager/pip_requirements/common.ts
index c505baa3fc..2f4040b4c4 100644
--- a/lib/modules/manager/pip_requirements/common.ts
+++ b/lib/modules/manager/pip_requirements/common.ts
@@ -33,13 +33,23 @@ export function extractPackageFileFlags(
   const additionalRequirementsFiles: string[] = [];
   const additionalConstraintsFiles: string[] = [];
   content.split(newlineRegex).forEach((line) => {
-    if (line.startsWith('-i ') || line.startsWith('--index-url ')) {
-      registryUrls = [line.split(' ')[1]];
-    } else if (line.startsWith('--extra-index-url ')) {
-      const extraUrl = line
-        .substring('--extra-index-url '.length)
-        .split(' ')[0];
-      additionalRegistryUrls.push(extraUrl);
+    if (line.startsWith('-i ') || line.startsWith('--index-url')) {
+      // parameters can be separated by space or =, same below for --extra-index-url
+      if (line.includes('=')) {
+        registryUrls = [line.split('=')[1]];
+      } else {
+        registryUrls = [line.split(' ')[1]];
+      }
+    } else if (line.startsWith('--extra-index-url')) {
+      if (line.includes('=')) {
+        const extraUrl = line.split('=')[1];
+        additionalRegistryUrls.push(extraUrl);
+      } else {
+        const extraUrl = line
+          .substring('--extra-index-url '.length)
+          .split(' ')[0];
+        additionalRegistryUrls.push(extraUrl);
+      }
     } else if (line.startsWith('-r ')) {
       additionalRequirementsFiles.push(line.split(' ')[1]);
     } else if (line.startsWith('-c ')) {
diff --git a/lib/modules/manager/pip_requirements/extract.spec.ts b/lib/modules/manager/pip_requirements/extract.spec.ts
index f088de89f6..5c4b6d2a2d 100644
--- a/lib/modules/manager/pip_requirements/extract.spec.ts
+++ b/lib/modules/manager/pip_requirements/extract.spec.ts
@@ -10,6 +10,7 @@ const requirements5 = Fixtures.get('requirements5.txt');
 const requirements6 = Fixtures.get('requirements6.txt');
 const requirements7 = Fixtures.get('requirements7.txt');
 const requirements8 = Fixtures.get('requirements8.txt');
+const requirements9 = Fixtures.get('requirements9.txt');
 const requirementsWithEnvMarkers = Fixtures.get('requirements-env-markers.txt');
 const requirementsGitPackages = Fixtures.get('requirements-git-packages.txt');
 
@@ -120,6 +121,18 @@ some-package==0.3.1`;
       expect(res?.deps).toHaveLength(6);
     });
 
+    it('handles index urls with = as separator', () => {
+      const res = extractPackageFile(requirements9);
+      expect(res).toMatchSnapshot();
+      expect(res?.registryUrls).toEqual([
+        'https://artifactory.company.com/artifactory/api/pypi/python/simple',
+      ]);
+      expect(res?.additionalRegistryUrls).toEqual([
+        'http://example.com/private-pypi/',
+      ]);
+      expect(res?.deps).toHaveLength(6);
+    });
+
     it('handles extra index url and defaults without index to config', () => {
       const res = extractPackageFile(requirements6);
       expect(res).toMatchSnapshot();