Select sauté on the instant pot.
Add oil to the pot.
When oil is hot (in about 30 seconds), add asafoetida, and cumin seeds.
When the cumin seeds splutter, add the potatoes and stir well. Let the potatoes saute for about 6 minutes so that they get cooked slightly. Keep stirring to prevent them from sticking to the base of the pot. Then add Kashmiri chili powder, with 1/4 water, and stir.
In about one minute, add ground fennel, ground ginger, ground turmeric, ground cumin, and salt. Stir well.
Add the remaining 3/4 cup water. Stir well.
Secure the lid on the pot and close the pressure-release valve.
Select manual and cook at high pressure for 5 minutes.
When cooking is complete, use quick pressure release to depressurize.
Transfer the potatoes into a serving bowl.