Udai Singh received a bullet in his arm and rushed to a nearby hospital where he is said to be out of danger, police said.
Attackers also damaged a vehicle parked outside the trader's office, they said.
Old enmity and extortion of money every month by assailants was said to be the reason behind brutal attack, the police was told in the FIR.
No arrest was made so far as the assailants fled from the scene after opening the fire, police added.