Press SAUTE on Instant Pot. Heat oil, add onion and carrot. Saute till the onions are soft and translucent.
Then add the minced ginger, garlic, and cook for a minute or until it’s fragrant.
Switch off the SAUTE setting. Add sweet potatoes, ground cumin, red chili powder, salt, pepper, and vegetable broth to an Instant Pot pressure cooker. Mix everything well.
Close the lid securely, and turn the vent to "SEALING". Select the PRESSURE COOK/MANUAL (High Pressure) setting and set the cooking time to 10 minutes.
When the instant pot beeps, allow the pressure to release naturally for 10 minutes, then release any remaining pressure before removing the lid.
Use an immersion blender to puree the soup until smooth. ( Or transfer the mixture to a traditional blender in batches and puree until smooth). Adjust seasoning.
Stir in the coconut milk. Adjust the seasonings at this stage.
Serve warm, garnish if desired.