Switch On Sauté Mode, Add Olive Oil and sauté Onion, Garlic and Ginger. Add peeled and cubed carrots.
Switch on Sauté Mode of Instant Pot. Once it displays HOT or ON, add olive oil.
Add finely chopped onions, garlic and ginger. Sauté well for a couple of minutes.
Now add the diced carrots, turmeric, ground cumin and red chili powder. Mix well and add vegetable stock. Cancel Sauté Mode.
Cover the Instant Pot Lid, Pressure Cook on HIGH for 5 minutes. After 5 minutes, allow natural pressure release (approximately 20 minutes).
After the pressure is released, open the Instant Pot.
Using an immersion blender, blend the soup. Note - You can also use a blender jar to puree the soup. Ensure it is completely cool before blending.
Add the coconut milk and black pepper powder. Mix and check seasoning, add extra, if required.
Serve immediately or transfer the soup to a container, allow it to cool before storing in the refrigerator or freezer.