Prep the potatoes and fenugreek leaves.
Soak the basmati rice for at least 15 minutes and at a max of 30 minutes.
Start Instant Pot in saute mode and add oil to it.
Once the oil is hot, add bay leaf, black cumin seeds, cardamom, and cloves to it.
Once they start spluttering, add sliced onions and chopped ginger. Let the onions fry for 3 to 4 minutes.
Now add potatoes and let them fry for a couple of minutes.
Add coconut milk, water, and salt to the Instant Pot inner pot.
Wash the rice for 2 to 3 minutes and drain the water completely. Add this rice and chopped fenugreek leaves to the Instant Pot.
Mix everything well with light hands. Do not overmix as rice grains might break.
Close the Instant Pot and seal the vent. Select manual or pressure cooker mode and cook it on high pressure for 5 minutes.
Once the Instant pot ends, wait for 5 minutes and do a manual pressure release.
Remove the inner pot and keep it aside for 10 minutes.
Now mix the rice once with the spatula and the Instant Pot potato pilaf is ready to serve!