The present disclosure relates to the field of pharmaceutical chemistry and biotechnology. The present disclosure also relates to a compound of Formula I and a process of preparation thereof. The disclosure furthermore relates to methods/use of Formula I compounds as DNA probes. Said Formula I compounds are employed for recognizing specific DNA sequences by near Infra-red (NIR)-Fluorescence Switch-on mechanism, and have related applications including but not limited to cell imaging. Also, method of treating parasitic infections by employing the present compound of Formula I is provided.