Turn the instant pot on sauté mode and heat for 1-2 minutes
Add the oil then immediately add the chicken and sprinkle with salt and pepper.
Stir the chicken often to avoid chicken sticking until cooked thoroughly. If the chicken is sticking, add another tablespoon of oil.
Once chicken is completely cooked, remove from the instant pot and place in a bowl. Set aside.
Add the onions and sauté them for about 2 to 3 minutes, stirring continuously, until they are caramelized.
Add the chicken broth in with the cooked onions. Using a wooden spoon, scrape the bottom of the instant pot well to remove any stuck on chicken or onions (this is called deglazing)
Add the minced garlic, tomato paste, ginger paste, soy sauce, curry powder, cayenne, and stir well to combine.
Add the cooked chicken back into the Instant Pot and stir.
Add the diced potatoes and sliced carrots and stir to combine.
Place the lid the Instant Pot and close the valve on the top to pressurize.
Set to Manual - High Pressure for 5 minutes.
When the timer goes off, let the Instant Pot natural release for 10 minutes.
After 10 minutes, release any remaining pressure by turning the valve on top with a towel.
Add the coconut milk and stir.
Place the lid back on and allow the flavors to continue to cook with the coconut milk for another five minutes.
Garnish with cilantro if desired
Serve over rice