West Midlands Police was called to reports of the attack at 6.40pm yesterday evening and found the man lying next to Subway on Jennens Road.
He was treated by paramedics at the scene and taken to hospital for emergency treatment.
Police say his injuries are deemed to be serious, but not life-threatening.
The force says officers remain in the area this morning carrying out enquires including house-to-house, forensics and a CCTV trawl.
Neighbourhood officers are also in the area providing reassurance to local people and businesses.
Police are appealing for witnesses and information to help piece together the circumstances surrounding the incident.
Contact the force via Live Chat at www.west-midlands.police.uk from 8am to midnight, or call 101 anytime.
Alternatively, call Crimestoppers anonymously on 0800 555 111.
Quote log number of 20BW/289214C/19.