Press the sauté button on the Instant Pot, add the oil and allow it to heat up for a minute. Add the cumin seeds and serrano pepper and once the cumin seeds turn brown, add the remaining ingredients to the pot.
Secure the lid, close the pressure valve and cook for 5 minutes at high pressure.
Open the valve to quick release any remaining pressure. If you prefer a thicker consistency, mash a bit of the potato into the curry.