Heat oil in a pot and add peanuts. Cook until the peanuts start changing color.
Add cumin seeds, mustard seeds, bay leaf, green cardamom, black cardamom, black peppercorns, and cloves. Saute for a few seconds or until the spices become fragrant.
Add onion, ginger, garlic, and curry leaves. Cook until the onions start turning brown.
Next add salt, coriander powder, red chili powder, and ground black pepper. Saute for a few seconds.
Once the spices become fragrant, add beetroot and green chilies. Saute for around 5-6 minutes.
Rinse the rice and add to the pot. Stir fry with beets for around 2 minutes before adding the water.
Add water and some portion of chopped cilantro. Cover the pot and cook for around 12-15 minutes or until the rice is cooked.
Remove the lid, add lime juice, and the remaining cilantro. Fluff with a fork and mix everything.
Serve hot with raita or a refreshing salad like kachumber salad.