The present invention relates to a bifunctional electrocatalyst, its process for the preparation and applications thereof. More particularly, the invention relates to a  bifunctional electrocatalysts/composite for use in electrolysis processes particularly in both oxygen reduction reaction (ORR) and oxygen evolution reaction (OER),  wherein the electrocatalyst comprises of M1-Nitrogen dual doped reduced graphene oxide (rGO) and co-encapsulated graphitic carbon nanotube (CNT) with another  metal M2, the bifunctional electrocatalysts/composite is useful as electrode for rechargeable as well as primary Zn-air batteries.