Hi @Anandu
Let’s go through some network setup/troubleshooting questions:
Are the VM and the physical machine you want to back up within the same network? They don’t need to be on the same subnet (192.168.0.x or 10.0.0.x for example) as long as they can route between them. Veeam won’t like if you put any Network Address Translation (NAT) in the middle (if the VM was behind a firewall on a private IP address, but your physical server has a public IP address for example). I’ve seen people try this before and I just wanted to clarify the point.
Next thing we need to confirm is whether the Veeam server has a static IP address, whilst not strictly required, it’s strongly recommended, if it’s dynamic IP you’ll be relying on DNS to resolve this for you.
Finally, do you have an internal DNS server (via a domain or otherwise), if yes, your devices should have A/CNAME records as @Nico Losschaert has mentioned above, failing this you COULD use the hosts file within Windows to statically create records of the devices.