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Venture capital firm Accel Ventures has made an early stage investment in Banglore-based Probe Equity Research, an investment research and analytics company.

The transaction size was not disclosed but Accel typically invests in the range of Rs 3-5 crore.

Subrata Mitra, Partner, Accel Ventures, said, “It is an early stage investment and we can't disclose size or holding. They are an early stage KPO with the ability to productize their offerings over a period of time, which attracted our interest.”

Accel is in the final stages of a couple of other investments which would be announced soon, he added.

The six-year-old Probe, led by W.S. Ravishankar and Atul Shinghal, provides in-depth coverage of companies, analytical models, and indices for a clientele including corporates, private equity firms, venture capital firms and fund managers in India, the United States and Europe. The company currently has around 20 clients.

Ravishankar, a graduate from BITS Pilani, IIM Bangalore and a CFA charter holder and the founder of the company, has over 17 years of experience.  Atul Shinghal, the former CEO of South African financial services firm Old Mutual's India business, is the CEO of Probe. He is a graduate from IIT Madras and IIM Bangalore with over 16 years of experience.

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