In this paper, we report design and synthesis of novel low bandgap small molecules, indigo-benzimidazole (Tyr-3) and indigo-schiff base (Tyr-4) type acceptors. In these structures, tert-butoxycarbonyl (t-BOC) group has been attached to indigo nitrogen atom in order to increase the solubility. UV-vis absorption spectra of Tyr-3 and Tyr-4 dyes exhibit wide absorption bands ranging from 350 to 600 nm, indicating the relatively low bandgap giving around 2.07 eV for each. Excitation of both Tyr-3 and Tyr-4 dyes at 485 nm displays characteristic emission features of indigo moiety and also intramolecular charge transfer complex (ICT) related with their subunits. Besides increasing fluorescence quantum yields as compared to model compound, biexponential decay times for fluorescence life times were also obtained for Tyr-3 and Tyr-4 dyes. Their appropriate energy levels along with low HOMO levels are desired for light harvesting acceptors for organic solar cells when blended with poly[N-9'-heptadecanyl-2,7-carbazole-alt-5,5-(4,7-di-2-thienyl-2',1',3'-benzothiadiazole] (PCDTBT) as donor polymer. Photovoltaic behavior of the synthesized dyes were examined in bulk heterojunction concept and achieved photovoltaic conversion efficiencies were discussed.