React Native Expo: Network error on android

I'm using axios in my app. When I make a post request for the very first time after opening the app, it is failing with the following error. From second time onwards, it works without any issue.

Network Error
- node_modules/axios/lib/core/createError.js:15:17 in createError
- node_modules/axios/lib/adapters/xhr.js:81:22 in handleError
- node_modules/event-target-shim/dist/event-target-shim.js:818:20 in EventTarget.prototype.dispatchEvent
- node_modules/react-native/Libraries/Network/XMLHttpRequest.js:600:10 in setReadyState
- node_modules/react-native/Libraries/Network/XMLHttpRequest.js:395:6 in __didCompleteResponse
- node_modules/react-native/Libraries/vendor/emitter/EventEmitter.js:189:10 in emit
- node_modules/react-native/Libraries/BatchedBridge/MessageQueue.js:416:4 in __callFunction
- node_modules/react-native/Libraries/BatchedBridge/MessageQueue.js:109:6 in __guard$argument_0
- node_modules/react-native/Libraries/BatchedBridge/MessageQueue.js:364:10 in __guard
- node_modules/react-native/Libraries/BatchedBridge/MessageQueue.js:108:4 in callFunctionReturnFlushedQueue
* [native code]:null in callFunctionReturnFlushedQueue

I'm running on a real android device connecting to a real server by http://my_ip:my_port/. Same post request I tried by creating a Native android project in kotlin, and it is working without any issue

Here is my code:

const upload = () => {
    setAnalyzing(true);

    axios.post(URL_PREDICT, formBody(), {
      headers: {
        'Content-Type': 'multipart/form-data'
      }
    }).then(handleSuccess)
      .catch(handleFail);
  }

  const formBody = () => {
    const photo = {
      uri: image,
      type: 'image/jpeg',
      name: 'photo.jpg',
    };
    const form = new FormData();
    form.append("file", photo);
    return form;
  };

  const handleFail = (error) => {
    console.log(error)
    console.log(error?.response?.data);
    setAnalyzing(false);
    toggle();
    alert("ERROR " + error);
  };

  const handleSuccess = response => {
    console.log('success...');
    setAnalyzing(false);
    toggle();
    console.log(response);
    navigation.navigate('Result', response);
  };

Any idea whats causing this?

from React Native Expo: Network error on android