Select sauté on the instant pot and adjust to normal. Add oil to the pot. When the oil is hot add cumin seeds.
When the cumin seeds splutter add grated onions, serrano peppers, and ginger. Stir occasionally to prevent the onions from burning.
When the onions turn golden in roughly 2 to 4 minutes add Kashmiri chili powder, ground cumin, ground coriander, ground turmeric, and salt. Stir well.
Then add the tomato puree. Using an immersion blender blend the spices, onions and tomato puree until it becomes smooth. Let the tomatoes sauté for 2 minutes until the raw tomato odor is eliminated and the oil separates.
Add paneer, peas and water. Stir gently. Add garam masala, whole spices (cloves, black cardamom, green cardamom, and cinnamon stick).
Press cancel. Secure the lid on and select manual/high pressure for 2 minutes. When done quick release the pressure. Add heavy whipping cream and stir. Transfer to a serving bowl. Garnish with cilantro. Serve with tortillas or naan (Indian flat-bread).