The invention relates to a Handheld Biophotonic Medical (HBM) device for multimodal and multispectral imaging of a tissue. The HBM device comprises a hardware switch that provides trigger pulses to control unit of the HBM device, which controls an illumination unit to illuminate the tissue. Further, HBM device controls a miniature monochrome imaging device to stream live video image of tissue fluorescence and to capture images of tissue fluorescence and diffusely reflected light in real-time based on the light of specific wavelengths received from a collection optics unit upon illumination of the tissue. The control unit transmits the captured images to a computing device that determines grade of cancer and inflammation by analysing the captured images. The HBM device is light weighted, portable, can be inserted into body parts such as oral cavity, cervix and can also be mounted on endoscopes to examine internal organs of body.