The present area of Colaba was originally two islands, Colaba and Little Colaba or Old Woman's Island. The island of Colaba itself was part of the group of islands from where cotton was exported all over the world, and initially to the US in the 1860s which led to growth of the city.The present area of Colaba was originally two islands, Colaba and Little Colaba or Old Woman's Island. The island of Colaba itself was part of the group of islands from where cotton was exported all over the world, and initially to the US in the 1860s which led to growth of the city.