OnePlus One will be updated to a Lollipop-based ROM in India (following Cyanogen's exclusivity deal with Micromax)

Cyanogen can’t support the OnePlus one in India because it recently signed a deal with Micromax (one of the country’s leading handset makers), providing it with exclusive rights to use CyanogenMod there. The situation doesn’t affect OnePlus One handsets in other markets in any way.
OnePlus didn’t say how much the One would cost in India, but we know that the smartphone will be offered exclusively via Amazon there. You can find out more about the device by reading our OnePlus One review.
source: OnePlus