The present invention discloses a novel, synergistic, effective herbal composition as a regenerative medicine comprising combination therapeutically effective amounts of extracts obtained from Curcuma longa, Glycyrrhiza glabara, Hamiltonia suaveolens, Typha angustifolia and Azadirachta indica, along with optionally comprising Pig fat in Sesamum indicum (Til) oil as a base, useful for the treatment of wound healing. The present invention also discloses a process for preparation of said herbal composition.