Turn the Instant Pot to Saute and allow to heat up. Once Instant Pot is heated, add in oil.
Season beef on all sides liberally with salt and pepper.
Add seasoned beef to pressure cooker and let cook on all sides until beef is browned on all sides.
Add in red wine and scrape up any browned bits of liquid on bottom of pressure cooker.
Add in beef stock, tomato sauce, horseradish, Worcestershire sauce, garlic, bay leaf, fresh thyme, and a pinch of salt. Stir to incorporate sauce.
Add in potatoes, carrots and onions and seal Instant Pot. Be sure vent knob is closed to seal in pressure.
Set to manual pressure for 30 minutes. (High Pressure for 30 minutes cook time).
Once cook time has elapsed, allow pressure cooker to release pressure naturally.
Once pressure has been released, open up pressure cooker and turn back to saute.
Whisk together the water and cornstarch and then whisk into beef stew. Allow to bubble and thicken to desired consistency. And then enjoy!