E-learning has become an important tool to impart education. This study examines the awareness and perception of e-learning among Indian students enrolled for a business management course at a premier business school. It is generally perceived that since Indian Institute of Management, Ahmedabad (IIM-A) is universally acknowledged for its quality of education, the awareness and perception about e-learning would be uniform. This could be attributed to factors like a sound educational background and the exposure to information technology. This study attempts to segment the sample based on the student perception towards e-learning. The results show that the level of awareness and the degree of familiarity with e-learning technologies are high. Three student clusters were found, which split the students into those with "high motivational & learning propensity", "neutral motivational & learning propensity" and "low motivational & learning propensity." These three clusters were labeled as "Enthusiastic," "Pragmatist," and "Unenthusiastic." Further, it was found that the age of students varied significantly within these three clusters.