The present invention provides a process and formulation for preparing instant multigrain granules that have been developed by employing multiple grains of cereals, pulses and millets. The instant food granules similar in shape to semolina can be boiled with water for 1 to 3 minutes to prepare ready-to-eat foods in the form of porridge, gel, soup or paste or as snacks, food supplements, and meal replacer as such or in combination with conventional sugar or non-sugar adjuncts. The invention thus provides shelf stable ready- to-cook instant foods which exhibit slow to moderate carbohydrate digestibility irrespective of the method of cooking and form of ingestion and hence are suitable for consumption by healthy persons as well as by people with obesity and overweight problems and for health watchers.