The present invention provides a novel dicarbanionic initiator of formula (I). The present process further provides a process for the preparation of dicarbanionic initiator of formula (I) comprising reacting 1-bromo-4-(4′-bromophenoxy)-2-pentadecyl benzene of formula (II) with alkyllithium compound for an effecting halogen-lithium exchange reaction of 1-bromo-4-(4′-bromophenoxy)-2-pentadecyl benzene with sec-butyllithium in the presence of a non polar solvent, at a temperature in the range of 0 to 250 C and its use as an initiator for the synthesis of telechelic polydienes and polystyrenes and SBS or SIS triblock copolymers.