This paper proposes a notion of branching bisimilarity for non-deterministic probabilistic processes. In order to characterize the corresponding notion of rooted branching probabilistic bisimilarity, an equational theory is proposed for a basic, recursion-free process language with non-deterministic as well as probabilistic choice. The proof of completeness of the axiomatization builds on the completeness of strong probabilistic bisimilarity on the one hand and on the notion of a concrete process, i.e. a process that does not display (partially) inert τ -moves, on the other hand. The approach is first presented for the non-deterministic fragment of the calculus and next generalized to incorporate probabilistic choice, too.