Explore the options of Approval Chains for SRM. Here you can define multiple levels of approvals.
as mentioned here you will have to say Custom in your SRD and then define an Approval Chain that qualifies to your SRD and have SR Level Approval Process in it and then have Level 1 Approver and Level 2 Approver defined in your Approval Mappings form.
You can achieve this as Ashwanth mentioned above , you can define approval mappings for the individual approvers for the different levels.
And you can also achieve the use case where first approval should go to the requestor's manager and once he is done then second approval should go to the specific individual.
let me know if you want to know more around this.