This report presents the synthesis of organoselenium compound {SeC5H3(Me‐5)N}2 (1) and corresponding derivative of In(III), [In{SeC5H3(Me‐5)N}3] (2) and their characterization by elemental analysis, heteronuclear NMR (1H, 13C, 77Se) spectroscopy and single crystal X‐ray diffraction. The utilization of In(III) complex as molecular precursor has been demonstrated for the preparation of rare cubic phase of InSe. The complex has also been used for the preparation of tetragonal CuInSe2. The crystal structure, phase purity, morphology and elemental composition of these nanostructures were evaluated by powder X‐ray diffraction and electron microscopic techniques. The effect of increase in temperature is manifested in the increase of particle size of InSe and morphological variation from sheet to polygon in case of CuInSe2. The optical band gap of the nanostructures as deduced from diffuse reflectance spectroscopy (DRS) found to be in the range 1.84‐1.75 eV for InSe and 1.99‐1.78 eV for CuInSe2 which are optimum for solar energy harvesting. The band gap values are blue shifted relative to their respective bulk counterparts indicating quantum confinement effect in the nanostructures. Both InSe and CuInSe2 nanostructures showed photo response with faster switching characteristics which makes them promising candidate for alternative low cost photon absorber material.