Disclosed are a larvicide composition and a process of preparation thereof. The larvicide composition includes a predefined amount of gram positive bacterial consortium, transition metal salts, earthworm wash, polysaccharides and peptidoglycan added in a predefined proportion of the total composition. The larvicide composition is a bio-degradable composition that is non-toxic to the plants and animals and has an improved stability. The composition of the present invention is a broad spectrum contact larvicide with growth promoting functions.
