In a large saucepan or dutch oven, heat the olive oil over medium until shimmering. Add the onion and cook until soft and translucent, about 3-5 minutes. Add the garlic, ginger, cumin, coriander and cardamom. Cook until fragrant, about 1 minute. Add the bay leaf, beets, potatoes, stock, water and 1 teaspoon of salt. Bring to a boil and reduce to a simmer. Cook until the vegetables are tender, about 45 minutes.