Dispersion of encapsulated fluorescence and photochromic dye and polyurethane

The present disclosure provides a dispersion of encapsulated dye and an ink-jet ink comprising an ink vehicle and a dispersion of encapsulated dye thereof. In particular, the dispersion of encapsulated dye comprises a fluorescent / photochromic dye. The present disclosure further provides a process for preparing the dispersion of encapsulated dye.