We present a 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 ⊙ with an orbital period of 7.7 hr 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 dispersion measure delays and errors in the 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 helium star−white dwarf binary, but has a semi- or nondegenerate 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.