Spray the Instant pot inner pot with low calorie cooking spray. Sauté the beef for 3-4 minutes, stirring to seal and brown on all sides, then transfer to a plate. Spray the pot again and add the bacon, scraping up any meaty bits from the bottom of the pot and stir in. Sauté for 4 - 5 minutes, stirring, until cooked and lightly browned. Transfer the bacon to the plate with the beef and set aside.
Spray the pot again if needed and add the onion. Sauté for 3-4 minutes, stirring, until they soften and turn golden; again scraping up any meaty bits and stirring in. Add the garlic and sauté for a further 1-2 minutes.
Add the carrots and mushrooms and sauté for 4-5 minutes, stirring, to lightly brown. Add the beef and the bacon back into the pot.
In a measuring jug, mix the hot stock, red wine stock pots, tomato puree, balsamic vinegar, Worcestershire sauce, parsley, thyme and bay leaves. Stir until the stock pots have dissolved. Pour into the pot and stir into the beef and vegetables.
Close the lid on the Instant Pot and lock. Turn the valve to 'sealing'. Set to pressure cook, high, and set the timer for 30 minutes. After 30 minutes cooking, release the pressure using the quick release function.
Remove the lid and add the cornflour and water mixture and stir in evenly. Sauté for 3-4 minutes, stirring, until the gravy is thickened and glossy. Season to taste if needed.
Remove the bay leaves and serve with steamed vegetables or other accompaniment of your choice.