Heat oil and butter in a pan. Add chopped onion and sauté until soft.
Add blended tomatoes and ketchup. Mix well.
Stir in the spices: salt, red chili powder, cumin powder, and coriander powder. Cook for 5 minutes until the mixture thickens.
Place capsicum rings over the mixture and crack one egg into each ring.
Sprinkle eggs with black pepper and top generously with cheddar cheese.
Cover with a lid and cook on low flame for 5 minutes, until eggs set and cheese melts.
Garnish with fresh coriander leaves.
Serve hot and enjoy your cheesy shakshuka!