Press the sauté button on the Instant Pot, add the oil and beef cubes to the pot. Sear the meat on all sides.
Once the meat has browned , add the onion, garlic, serrano pepper, bay leaf and spices. Stir-fry for 2-3 minutes.
Pour in the beef broth and tomato sauce.
Secure the lid, close the valve and cook for 35 minutes at high pressure.
Naturally release pressure.
Optional step: to thicken the sauce, either press sauté to reduce the liquid or ladle out some liquid into a bowl and combine it with thickener of choice. Mix well and then add the thick slurry back into the pot, and stir-well.
Serve over cauli-rice, or in a tortilla!