  We present the timing solution for the 5.31-ms spider millisecond pulsar
(MSP) J1242-4712, discovered with the GMRT. PSR J1242-4712 orbits a companion
of minimum mass 0.08 M$_{\odot}$ with an orbital period of 7.7 hrs and occupies
a relatively unexplored region in the orbital period versus companion mass
space. We did not detect gamma-ray pulsations for this MSP, and also could not
identify the optical counterpart for PSR J1242-4712 in available
optical/near-infrared data. The profile of J1242-4712 evolves with frequency
showing a clear single component at lower frequencies and a three-component
profile at 650 MHz. PSR J1242-4712 eclipses for a very short duration near
superior conjunction (orbital phase ~ 0.23-0.25) below 360 MHz. Moreover,
significant DM delays and errors in pulse times of arrivals are observed near
inferior conjunction (orbital phase ~ 0.7), along with an observed eclipse in
one epoch at 650 MHz. Observed eclipses and significant orbital period
variability suggest that PSR J1242-4712 is possibly not a He-WD binary, but has
a semi or non-degenerate companion, indicating that this is a ``spider" MSP
lying in a region between typical black widows and redbacks. This system may
represent a distinct category of spider MSPs, displaying characteristics that
bridge the gap between known black widow and redback MSPs.
