Mt. Abu Faint Object Spectrograph and Camera -Pathfinder (MFOSC-P) is an imager-spectrograph developed for the Physical Research Laboratory (PRL) 1.2m telescope at Gurushikhar, Mt. Abu, India. MFOSC-P is based on a focal reducer concept and provides seeing limited imaging (with a sampling of 3.3 pixels per arc-second) in Bessell's B, V, R, I and narrowband H-α filters. The instrument uses three plane reflection gratings, covering the spectral range of 4500-8500 Å, with three different resolutions of 500, 1000, and 2000 around their central wavelengths. MFOSC-P was conceived as a pathfinder instrument for a next-generation instrument on the PRL's 2.5m telescope which is coming up at Mt. Abu. The instrument was developed during 2015-2019 and successfully commissioned on the PRL 1.2m telescope in February 2019. The designed performance has been verified with laboratory characterization tests and on-sky commissioning observations. Different science programs covering a range of objects are being executed with MFOSC-P since then, e.g., spectroscopy of M-dwarfs, novae & symbiotic systems, and detection of H-α emission in star-forming regions. MFOSC-P presents a novel design and cost-effective way to develop a FOSC (Faint Object Spectrograph and Camera) type of instrument on a shorter time-scale of development. The design and development methodology presented here is most suitable in helping the small aperture telescope community develop such a versatile instrument, thereby diversifying the science programs of such observatories.