Select sauté on the instant pot and adjust to normal.
Add oil to the pot.
When the oil is hot add cloves, bay leaf, cinnamon stick, black cardamoms, green cardamoms, star anise, black peppercorns, mace, and caraway seeds.
Sauté for 30 seconds until the spices are fragrant.
Add the sliced onions and serrano pepper. Keep stirring.
When the onions turn golden in roughly 2 to 4 minutes remove a spoonful and keep it a bowl. It will be used for garnish later.
Add the chopped chicken. Stir for about 30 seconds.
Add ground coriander, ground turmeric, garam masala, salt, red chili powder (cayenne pepper), cilantro, and coconut. Let it sauté for a minute until the water dries out. Stir well.
Add the drained rice to the pot and gently toss it all together with a spoon.
Add water to the pot. Make sure the rice and chicken are sumberged under the water.
Secure the lid on the pot and close the pressure-release valve.
Select manual and cook at high pressure for 6 minutes.
Meanwhile, roast the cashews and raisins (ingredients under garnish) on medium heat in a pan until the cashews brown. Keep stirring and make sure they don’t burn. Transfer in a bowl and set aside.
When cooking is complete, let the pressure release naturally for 5 minutes and the quick release the remaining pressure.
Transfer the biryani into a serving bowl. Discard the bay leaf and the mace.
Garnish with saffron, half and half, roasted cashews, raisins, and caramelized onions that were set aside.