After the rumours of Moto e 2nd Gen doing the rounds (read here), Motorola is almost set to send you the OTA update for the new Lollipop 5.0.2 for the MOTO E quite soon. Motorola has already pushed Lollipop OTA update for the MOTO X, MOTO G (both generations).
Just like in the times of Moto G and Moto X, Motorola is conduction soak tests among a select few (i.e. those who are a part of the Motorola Feedback Network) in India. People who are a part of the program and own a Moto E can try out the new Lollipop update on their hugely popular budget handset Moto E. However Motorola requires you to maintain strict confidentiality so though we did play around a bit on the new update on our Moto E we are not allowed to share details about it yet. We will post a detailed video review and other information as soon as the OTA update hits all of you. You can keep track of it here.
The update may roll out globally within two weeks or so but there is no confirmation on that, but we will surely let you know of that. You can follow out twitter account for regular updates.