A process for large scale production of 1-Isopropyl-3-{5-[1-(3-methoxypropyl)piperidin-4-yl]-[1,3,4]oxadiazol-2-yl}-1H-indazole oxalate of formula, wherein the process comprising the steps of: Step (i): coupling of 1-(3-Methoxypropyl) piperidine-4-carboxylic acid hydrazide of formula 1 with 1-Isopropyl-1H-indazole-3-carbonyl chloride of formula 2 in presence of dichloroethane at a temperature in the range of 20 °C to 35 °C for a period of 1.5 hours to 2.5 hours to obtain N-[1-(3-Methoxypropyl) piperidine-4-carbonyl] N'-(1-isopropyl-1H-indazole-3-carbonyl) hydrazine of formula 3; Step (ii): cyclizing N-[1-(3-Methoxypropyl) piperidine-4-carbonyl] N'-(1-isopropyl-1H-indazole-3-carbonyl) hydrazine of formula 3 in presence of thionyl chloride in solvent selected from dichloromethane, 1,2-dichloroethane and chlorobenzene at a temperature in the range of 60 °C to 95 °C for a period of 8 hours to 10 hours to obtain 1-isopropyl-3-{5-[1-(3-methoxypropyl) piperidin-4-yl]-[1,3,4]oxadiazol-2-yl}-1H-indazole of formula 4; Step (iii): purifying 1-isopropyl-3-{5-[1-(3-methoxypropyl) piperidin-4-yl]-[1,3,4]oxadiazol-2-yl}-1H-indazole of formula 4 using mixture of acetic acid and water at a temperature in the range of 20 °C to 35 °C; Step (iv): reacting 1-isopropyl-3-{5-[1-(3-methoxypropyl) piperidin-4-yl]-[1,3,4]oxadiazol-2-yl}-1H-indazole of formula 4 with oxalic acid in presence of isopropanol at a temperature in the range of 20 °C to 35 °C for a period of 1 hour to 4 hours to obtain 1-Isopropyl-3-{5-[1-(3-methoxypropyl) piperidin-4-yl]-[1,3,4]oxadiazol-2-yl}-1H-indazole oxalate of formula; Step (v): recrystallizing compound of formula using a mixture of isopropanol and water at a temperature range of 70 °C to 80 °C for a period of 15 hours to 17 hours. Step (i): coupling of 1-(3-Methoxypropyl) piperidine-4-carboxylic acid hydrazide of formula 1 with 1-Isopropyl-1H-indazole-3-carbonyl chloride of formula 2 in presence of dichloroethane at a temperature in the range of 20 °C to 35 °C for a period of 1.5 hours to 2.5 hours to obtain N-[1-(3-Methoxypropyl) piperidine-4-carbonyl] N'-(1-isopropyl-1H-indazole-3-carbonyl) hydrazine of formula 3; Step (ii): cyclizing N-[1-(3-Methoxypropyl) piperidine-4-carbonyl] N'-(1-isopropyl-1H-indazole-3-carbonyl) hydrazine of formula 3 in presence of thionyl chloride in solvent selected from dichloromethane, 1,2-dichloroethane and chlorobenzene at a temperature in the range of 60 °C to 95 °C for a period of 8 hours to 10 hours to obtain 1-isopropyl-3-{5-[1-(3-methoxypropyl) piperidin-4-yl]-[1,3,4]oxadiazol-2-yl}-1H-indazole of formula 4; Step (iii): purifying 1-isopropyl-3-{5-[1-(3-methoxypropyl) piperidin-4-yl]-[1,3,4]oxadiazol-2-yl}-1H-indazole of formula 4 using mixture of acetic acid and water at a temperature in the range of 20 °C to 35 °C; Step (iv): reacting 1-isopropyl-3-{5-[1-(3-methoxypropyl) piperidin-4-yl]-[1,3,4]oxadiazol-2-yl}-1H-indazole of formula 4 with oxalic acid in presence of isopropanol at a temperature in the range of 20 °C to 35 °C for a period of 1 hour to 4 hours to obtain 1-Isopropyl-3-{5-[1-(3-methoxypropyl) piperidin-4-yl]-[1,3,4]oxadiazol-2-yl}-1H-indazole oxalate of formula; Step (v): recrystallizing compound of formula using a mixture of isopropanol and water at a temperature range of 70 °C to 80 °C for a period of 15 hours to 17 hours.