Turn the Instant Pot to sauté mode and heat the oil or ghee.
Add the sliced onion and cook until golden brown.
Stir in the ginger garlic paste and green chilies, then cook for about 30 seconds.
Add the beef and cook for 4 to 5 minutes until it changes color.
Add the chopped tomatoes, yogurt, salt, black pepper, red chili powder, turmeric, cumin powder, coriander powder, garam masala, cinnamon stick, cardamom, cloves, and bay leaf.
Cook for 3 to 4 minutes, stirring well so the beef gets coated in the spices.
Pour in the water or broth and mix well.
Cancel sauté mode, cover the Instant Pot, and pressure cook on high for 20 minutes.
Let the pressure release naturally for 10 minutes, then carefully do a quick release for any remaining pressure.
Open the lid and add the soaked and drained basmati rice.
Gently stir, then add the chopped cilantro, mint, and lemon juice.
Close the lid again and pressure cook on high for 6 minutes.
Let the pressure release naturally for 10 minutes before opening the lid.
Fluff the biryani gently with a fork and serve warm.