Unable to install the app on new version of appium(1.3.3) on mac

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Hi,
Previously I am using Appium 1.2.0 but now I upgraded to 1.3.3 but now I am getting following error

-Could not pre-launch appium: Error : Unable to install [App path] to device with id [ID], Error Command failed: No such file or derectory

I have
Xcode:5.1.1
IOS: 7.1.1
Appium : 1.3.3

Thanks in advance.