Just in case some one need to see code for implementation:

def start(_type, _args) do
  import Supervisor.Spec
  import Cachex.Spec

  children = [
      %{id: Cache1, start: {Cachex, :start_link, [:requests, []]}},
      %{id: Cache2, start: {Cachex, :start_link, [:messages, []]}}
    ]
  opts = [strategy: :one_for_one]
  Supervisor.start_link(children, opts)
end

Going to leave this here in case the above responses do not work for later versions of the dependencies as well as elixir.

You can also set the following in your application.ex

children = [
      # Start the Telemetry supervisor
      # Start the Ecto repository
      Supervisor.child_spec({Cachex, :my_cache}, id: :my_cache),
      Supervisor.child_spec({Cachex, :temp_cache}, id: :temp_cache),
      ...
     ]

This worked for me! Thank you.