Rishad Premji, Executive Chairman of Wipro said that the whole focus on ‘unicornism’ in the country is ‘overhyped’ and being celebrated too much.

"You want to focus on building businesses that sustain and then ultimately value will come. You cannot start your journey saying I want to (have) a value of X, Y, and Z. That is very turning off. And so, I think it is the first red sign that pops up", he said when asked about the growing trend of startups looking to achieve Unicorn status within a few months of coming into being.

Stating that people talk about valuation as opposed to building valuable businesses, he said, "We have overhyped in our country this whole focus on unicornism and we celebrate that too much. There are thousands of other companies that don't make it, but serve a need and are successful, but they don't make unicorn valuation and it doesn't make them non-successful companies, he said.

A CII report, in collaboration with McKinsey & Co. earlier this year said that new unicorns are likely to add $ 1 trillion to the Indian economy, which would reach $ 7 trillion size by 2030, and add 50 million new jobs.

The CII report reveals that India's over 100 unicorns and approximately 100,000 start-ups have made a substantial contribution, accounting for 10 to 15 percent of the country's GDP growth between 2016 and 2023.