Take out your 6 quarts Instant Pot. Place the inner sleeve of the pot and plug it in. Pour 2 cups of water in the inner pot. Press the SAUTE MODE on High for 15 minutes. Warm the water in the pot till it starts steaming and then switch it off. It is like pre-heating the oven. Meanwhile Prepare the CAKE BATTER.
Take 6 inches Bundt Pan. Grease it lightly and set aside.
Take a Large Bowl. Add 2 cups of FUNFETTI CAKE MIX to it along with 2&1/2 tbsp cooking oil + 1/2 cup water + 2 eggs. Follow the instructions at the back of your box. It says beat the cake batter on medium speed for 2 minutes. Please do that exactly for 2 minutes for the perfect texture.
Now pour this batter evenly in the bundt pan. Make sure to tap the pan few times on the counter to avoid air pockets. I forgot and I got a giant air pocket. Take a spoon and level out the batter on top as well.
Now take a large piece of foil and cover the bundt pan tightly from all the sides. Place the pan on the trivet/stand. Now carefully pick and slide the pan on the trivet inside the inner pot of the Instant Pot.
Close the lid of the Instant Pot. Set the Valve to Closed. Press the CAKE BUTTON on your Instant Pot and set it for 40 MINUTES NORMAL MODE & HIGH PRESSURE. This is the automatic setting for cakes on CAKE MODE.
If you do not have CAKE SETTING on your IP, then you may use PRESSURE COOK/MANUAL MODE on your IP. Set it for 40 minutes on HIGH PRESSURE & NORMAL MODE.
Once the timer goes off, follow NPR (natural pressure release). As the safety valve drops down, open the lid. Take out the Trivet holding its handles carefully. Remove the foil carefully as some water will be on top of it. Make sure that there is no water dropping back inside the cake pan.
Let the cake sit inside the pan for 15 minutes. Now run a knife along the edges and loosen the cake a bit. Flip the pan on a CAKE PLATE carefully. The best way is to invert the pan on plate. Tap the bottom of it few times. Then gently slide it out.
Let the cake stand and cool down before you decorate it.