Many active substances found in plants are essential in the treatment of transmissible and non-transmissible ailments. To enhance their well-being and capabilities, most people around the globe use medicines from plants and herbal origin. The goal of the current study was an assessment of physiochemical properties as well as measuring the effect of various solvents (ethanol, chloroform, and water) on the phenolic profile and on free radical scavenging potential. The standard procedures were used for the preliminary phytochemical, physiochemical and fluorescence analysis. Folin-Ciocalteu and colorimetric methods were used to determine the quantitative phytochemical analysis, respectively. The free radical scavenging potential was determined through 2,2-diphenyl-1-picrylhydrazyl (DPPH) and 2,2′′-casino-bis (3-ethylbenzothiazoline-6-sulphonic) acid (ABTS) assays. The antimicrobial activity was assessed using the disk diffusion method on a range of bacterial and fungal strains. The finding showed that ethanol was the best solvent for extracting polyphenols. The presence of alkaloids, carbohydrates, flavonoids, glycosides, phenolic compounds, and tannins was observed in the plant. Additionally, fluorescence characteristics and physiochemical parameters provided valuable data that can be used to establish standards for this plant. Results of quantitative phytochemical estimation revealed that the ethanol extract had a higher phenolic content (71.82 mg/g GAE) and flavonoid content (82.7 mg/g QE), while the aqueous extract had the lowest phenolic content (27.05 mg/g GAE) and flavonoid content (18.93 mg/g QE). The I. eriocarpa ethanolic extract had the maximum scavenging potential against DPPH (32.36 µg/mL) and ABTS (55.54 µg/mL). The results of the antimicrobial activity assessment also indicate that the ethanol extract exhibited a greater inhibition zone when tested against both bacterial strains. Results of thecurrent study suggested that the ethanolic extract has significant antioxidant potential and has the capability of being a notable source of organic antioxidants for the formulation of functional foods.