Set the Instant Pot in saute mode and add the coconut oil. Spread it evenly, and after 30 to 45 seconds, add the coconut.
Roast for 5 minutes until it turns light brown. Keep stirring, and don't leave it unattended.
Now add the curry leaves, cinnamon, cloves, cardamom, fennel seeds, black stone powder, and mace. Roast for three more minutes and turn off the Instant Pot.
Transfer the coconut and spices immediately to a mixer jar. Don't let sit in the IP. Allow the coconut mixture to cool and then add the red chili powder, coriander powder, garam masala, ginger-garlic paste and grind it into a smooth paste by adding ½ cup water and set it aside.
Prepare the gravy:
Set the Instant Pot in saute mode and add the coconut oil. When the oil is hot, add the bay leaf, fennel seeds, and the curry leaves. Let the fennel seeds sizzle for 20 to 30 seconds and then add the onion.
Saute the onion for 4 to 5 minutes and then add the chopped tomato. Saute for a minute and then add the mushrooms and the ground paste.
Add salt and half more cups of water. Mix well and simmer it for two minutes. Make you scrape the bottom of the Instant Pot thoroughly.
Press the cancel button, close the Instant Pot lid and make sure the vent is in the sealing position. Select manual/pressure cook and set the time to 2-minutes at high-pressure mode. When the cooking is complete, wait for 5 minutes and quickly release the pressure.
Carefully open the lid after releasing the pressure and check for consistency. If it's thin, you can simmer again for 5 minutes in saute mode. I did not simmer it.
Garnish it with cilantro and serve hot.
Adjust the salt and spices as per your liking.
I highly recommend coconut oil for this recipe, but you can use any other oil of your choice if you can't source it.
Instead of brown mushrooms, you can use white mushrooms or tofu, paneer, mixed vegetables, or soya chunks. In the case of mixed vegetables, the Instant Pot cooking time will vary. I would cook for 5 minutes instead of 2 minutes. If you are using tofu, one minute should be sufficient.
It's optional to grind the spice powders along with coconut. You can add it along with tomatoes and cook. I recently started following this way as it's easy, and I don't need to worry about lumps. The spices integrate well in the gravy. But make sure you simmer the gravy so that the raw smell of spices weans away.