Update: The CapTable received inputs from CRED after the publication of the original story. In the interest of presenting a more accurate picture of the CRED Store, the story has been updated to include some of CRED’s inputs.

In 2020, when one direct-to-consumer (D2C) brand was invited to sell on the newly launched CRED Store, it seemed like a match made in heaven.

Fintech firm CRED, founded by Kunal Shah, was a premium play, targeted at the creamy layer of India’s consumers—credit card users with high credit scores. Its swanky CRED Store platform began with the aim of curating premium, high-quality products for these top-of-the-pyramid users, who typically spend up to 40% more than the average customer.

For the D2C brand, whose products typically sell for upwards of Rs 5,000, this was an enticing prospect. Apart from the obvious overlap between its target demographic and CRED’s user base, selling on a curated, members-exclusive store would only bolster its premium credentials. Some brands say they even mentioned selling on CRED Store in their investor pitches to highlight their premium-ness.

The only catch, says the founder of the D2C brand, was that the CRED Store required brands to offer high discounts to its users. This, though, seemed a fair trade-off to gain recognition among India’s most affluent consumers.