In a small blender container, purée coconut, cilantro, ginger, garlic, serrano pepper, and water until you have a rough, gritty mixture (about 30 seconds).
Heat the Instant Pot on SAUTÉ. Add oil. When the oil is hot, add the coconut spice mixture and cook for 2 minutes until the mixture has toasted a little.
Add tomatoes, salt, cayenne, and turmeric and cook until the tomatoes have softened a little (about 2 minutes).
Add chickpeas and water and close the lid.
Press CANCEL to turn off Sauté. Press PRESSURE COOK and cook on HIGH for 30 minutes for chickpeas with a little chew and 40 minutes for super soft chickpeas.
Allow the pot to naturally pressure release for 10 minutes, release the remaining pressure and serve.
Use unswseetened coconut for this. If you can't find it, soak sweetened coconut shreds in hot water adn change out the water 2-3 times to get the sugar washed out of the coconut.
You cam't really use canned chickpeas for this. The sauce needs more time to cook.
If you just CAN'T wait for thsoe chickpeas to soak, just add another 1/4 cup of water and cook for an additional 10 minutes,