Twenty-four-year-old Ravindra Kumar owned the meat shop in MCD market at Samaipur Badli, said a police officer.
According to the police, the incident took place yesterday night when Ravindra was chatting with his cousin outside his shop.
Suddenly, around three assailants approached in a motorbike and allegedly fired several rounds and fled the scene.
Both Ravindra and Vipin received bullet injuries. They were rushed to a hospital where Ravindra was declared brought dead.
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It is suspected to be a case of personal enmity. Ravinder had recently borrowed some money from someone and this might have led to it, said the officer.
A case of murder and attempt to murder has been registered.
Police are looking into CCTV footage obtained from nearby premises and trying to ascertain identity of the assailants, the officer added.