Set the Instant Pot to saute mode and add oil.
Add cumin seeds, dry red chilli, bay leaves, and cinnamon. Saute for a few seconds
Add onion and potatoes. Saute for 3 minutes, until the onions soften.
Add ginger and saute for a few seconds.
Add cumin powder, chili powder, and turmeric. Add ½ cup water and mix well.
Saute for 3 minutes, stirring occasionally.
Add the papaya and saute for 1-2 minutes.
Add 1½ cups of water. Mix well.
Secure the Instant Pot lid and set it to pressure cook mode for 4 minutes.
Do a natural release of pressure for 10 minutes, then do a quick release.
Add garam masala and mix well.
Serve hot with roti or rice.