Lava has released Android 5.0(Lollipop) Update for Iris Alfa smartphone. The update is now available to download via official website as well as it is also available Over-The-Air(OTA). The steps for upgrading the phone are mentioned on the official website. Users can also check for the update manually by just going to Settings > About Phone > System Updates. The version after the update will be LAVA_iris alfa_S111L_20150612. The official change log of the update is not available at this time.
If you have already updated your device do tell us your experience in the comments below.