The present invention relates to a novel composition and process for the preparation of a nutritional refreshing fermented beverage fortified with antioxidants. The beverage composition essentially comprises powder of dry seed kernel of Trapa bispinosa, germinated and grounded seeds of pigeon pea/Arhar (Cajanus cajan), winged bean (Psophocarpus tetragonolobus) and Amaranth {Amaranthus hypochondriacus) mixed with sterilized water that is inoculated with the yoghurt culture. The fermented beverage is fortified with an herbal extract obtained from green pods of babul (Acacia arabica), roots of Ashwagandha (Withania somniferd), aerial parts of Punarnava (Boerhaavia diffusa) and Manduk parni (Centella asiatica), which is flavored with a spice mixture consisting of roasted and grounded cumin seed powder, mint, black pepper, rock-salt. Food grade preservatives are added to enhance the shelf life. The functional food product is antioxidant, immuno-modulator, thirst quenching, nutritious, has a high satiety value. The product has health-promoting effects through improvement of the intestinal micro-flora and modulation of the immune system. The method enables effective production of bioactive peptides that have useful functions such as antihypertensive, antithrombotic and antimicrobial in the fermented end product.