Press SAUTE on the Instant Pot. Add olive oil, and once it's hot, add bay leaf, pepper corns, garlic cloves, ginger, and saute for a minute.
Next, add sliced red onions and sauté for a minute or until they are soft.
Add diced beetroot, diced tomatoes, and diced carrot, then sauté for a minute.
Next, add vegetable broth (or water) and salt.
Close the Instant Pot with the pressure valve to Sealing. Cook on High Pressure for 6 minutes.If using a Stovetop pressure cooker, Cook for 2 whistles, followed by natural pressure release. When the instant pot beeps, let the pressure release naturally. Open the lid.
Remove the bay leaf using the tongs and puree the soup using an immersion hand blender until smooth. If you don't have an immersion blender, puree in a high-speed blender in batches once slightly cooled.
Then add salt, black pepper powder, sugar (optional), and butter (optional but recommended). Boil for another 2-3 minutes and serve immediately.