Rinse the soaked basmati rice and drain well, then put it aside.
Turn on the sauté function on the Instant Pot and warm the oil for about a minute.
Add cumin seeds and wait until they start to darken, then toss in the cardamom pods, cloves, bay leaf, and cinnamon stick; stir briefly.
Mix in the diced onion and cook, stirring occasionally, until the onion develops a nice golden brown color, about 6 to 7 minutes.
Stir the rice, peas, water, and salt into the pot and combine everything evenly.
Lock the Instant Pot lid and set the pressure valve to sealed; cook on high pressure for 6 minutes.
Allow the pressure to release naturally for 10 minutes, then carefully open the valve to release any leftover steam.
Gently fluff the pulao with a fork before serving warm.