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We analysed the multiband optical behaviour of the BL Lacertae object, S5 0716+714, during its outburst state from 2014 November to 2015 March. We took data on 23 nights at three observatories, one in India and two in Bulgaria, making quasi-simultaneous observations in B, V, R, and I bands. We measured multiband optical fluxes, colour, and spectral variations for this blazar on intraday and short time-scales. The source was in a flaring state during the period analysed and displayed intense variability in all wavelengths. R-band magnitude of 11.6 was attained by the target on 2015 January 18, which is the brightest value ever recorded for S5 0716+714. The discrete correlation function method yielded good correlation between the bands with no measurable time lags, implying that radiation in these bands originate from the same region and by the same mechanism. We also used the structure function technique to look for characteristic time-scales in the light curves. During the times of rapid variability, no evidence for the source to display spectral changes with magnitude was found on either of the time-scales. The amplitude of variations tends to increase with increasing frequency with a maximum of ~22 per cent seen during flaring states in B band. A mild trend of larger variability amplitude as the source brightens was also found. We found the duty cycle of our source during the analysed period to be ~90 per cent. We also investigated the optical spectral energy distribution of S5 0716+714 using B, V, R, and I data points for 21 nights. We briefly discuss physical mechanisms most likely responsible for its flux and spectral variations. [ABSTRACT FROM AUTHOR]