Press the saute mode on your instant pot and heat the oil. Once the oil gets hot add the bay leaves, star anise and cumin seeds and saute for 30 seconds. Now add the sliced onion and saute till the onions turn soft and light brown. Add the ginger -garlic and saute for a minute.
Add the chopped tomato and cook for 1-2 minutes or until mushy.
Add the spinach puree and saute for 2 minutes. Now add the turmeric powder, garam masala, coriander powder and salt. Saute for a minute and cancel the saute mode.
Wait for 30 seconds to one minute and add the whisked curd and mix.
Add the coconut milk, water and rice. Mix it well to remove any thing stuck in the bottom of the pan. Its very important to do this step to avoid BURNT sign while cooking.
Taste the water and if required adjust the salt.
Close the lid and adjust the vent to the sealing position. Pressure cook on high for 6 to 7 minutes. After the instant pot beeps, wait for the pressure to release naturally.
Open the lid and set a side for 5 minutes and fluff the rice.
Serve the palak biryani topped with cashews and fried onion (optional). Serve with raita and a squeeze of lemon juice if required.