During extensive field explorations of the Lateritic area in West Bengal, one remarkable wild Russuloid macrofungus, ethnically termed "Kend Patra," was collected. The species was known to enrich the diet of the local people, being considered as income source for some tribal groups. Using morphological characters and molecular analysis of this collection, provide a unique placement of the taxon in the Russula subgenus Compactae(Fr.) Bon. Further in order to find functional constituents for biopharma applications, methanolic extract was prepared that shows the existence of a substantial amounts of phenol, flavonoid, ascorbic acid and carotenoids. Antioxidant activity was determined where the fraction demonstrated strong DPPH, ABTS, and nitric oxide radical scavenging activities, high Fe2+ ion chelating ability, and a reducing power with EC50 values ranging from 538.69 to 891.75µg/ml. The extract was found to be effective against Listeria monocytogenes, Bacillus subtilis, Pseudomonas aeruginosa, Escherichia coli, Salmonella typhi and Staphylococcus aureus. In addition, the extract exhibited potent anticancer activities as it inhibited A549 cell proliferation, caused morphological changes, elevated ROS levels, hindered the clonogenic ability and migratory potential of cancerous cells, arrested cell cycle progression at S phase, and induced apoptosis by modulating the intrinsic mitochondrial pathway. Overall, this study contributes a new species to the world's myco-diversity and presents an exciting opportunity for future researchers to conduct comprehensive investigations on this unique species in order to uncover potential new medications for human use.