Within a week of Moto E going on sale, all three key elements necessary for modding an Android smartphone have become available for the phone. The Moto E has not only got official bootloader unlock support from Motorola but has also gained root access and unofficial TWRP recovery, thanks to some fine work by devs at XDA forum.
Talking about bootloader unlock first, the interested Moto E users can head over to Motorola website now to unlock the bootloader of their Moto E smartphone. The company is currently supporting the US Retail, Canada, Europe and Latin America versions of the phone for bootloader unlock; there is no word for the Indian version support.
Coming to root access and unofficial TWRP recovery, guides are available for both at XDA. You can flash TWRP recovery and then root your phone or you can run the TWRP recovery temporarily and use it to root your smartphone and keep the stock recovery. In any case, you will need an unlocked bootloader.
Here are the relevant links for the XDA threads: TWRP for Moto E | Root Access for Moto E
It is important to note here that the TWRP for Moto E is an unofficial port and is not supported for the Team Win right now. Also, because of the absence of kernel sources, there are a couple of bugs, which will be fixed once Motorola releases the kernel sources.