Wash and drain the Basmati Rice until the water runs clear. Soak it in water for 25 minutes.*
Halve or quarter the mushrooms to 1.5-inch size. Julienne the onions, dice the tomatoes, slit the green chill, chop the herbs.
Place the Instant Pot bowl and set it SAUTE mode for 10 minutes. Add oil and ghee, let it get hot.
Add the whole spices: cardamom, cloves, cinnamon, and bay leaves. Let the cloves bulge up.
Tip in the onions and sauté until it begins to brown.
Add the ginger-garlic paste, green chillies. Sauté for about a minute.
Then add the tomatoes and salt. Sauté until tomatoes become mushy.
Sprinkle the herbs. Add the chilli powder and garam masala powder. Stir once.
Transfer the chopped mushrooms and sauté for 2 minutes.
Drain the water from the soaked rice, add it to the instant pot.
Pour in the coconut milk and water. Give it a good mix.
Close the instant pot with its lid. SEAL it and set it to PRESSURE COOK mode for 10 minutes.
After 10 minutes, CANCEL keep warm and let it cool down for 5 minutes. Then Quick Release to let the steam out.
Mix it gently with a fork and serve it hot with yogurt!