Welcome to the forum Shekar!
The Yamaha RX-V377 is a good choice and a pretty reasonable entry-level AVR. It was favorably reviewed by AH:
Yamaha RX-V377 Receiver Preview | Audioholics. What is it's approximate retail price in India?
To directly answer your questions; there are no inherent "compatibility" concerns between the Yamaha and the Pioneer speaker package. They are all specified as 8Ω impedance, so the Yamaha will set them up and power them without a problem.
However putting it bluntly, those particular Pioneers are terrible speakers. They're cheap for a reason.
SP-3335TT | Pioneer India
The sensitivity of all speakers is very low (88dB/1W/1m for the centre must be a typo). The centre and surrounds are "1-way" speakers without a tweeter. The fronts have a second dummy woofer that won't do anything (a "passive radiator" is useless in a vented enclosure). Frequency responses quoted without -XdB levels are useless. The sub does not list even a basic frequency response, which is always a worry.
Shekar, you would be far better off with something like the Pioneer Andrew Jones speakers. These are widely regarded to be among the best performing budget speakers around.
AJ-5235XT | Pioneer India
I realise that the total price could be an issue however. My best advice here is
not to think you must buy all speakers and sub at once. Your budget is spread too thin and results in you settling for poor quality. If you're coming from nothing, you will get a great deal of enjoyment out of a 2.1 system of reasonable quality. It will keep you amused for months while you save up for your next purchase. In the long run, say over 12 - 18 months, you will end up with a far superior system.
Sticking with Pioneer, I would start with a pair of the Andrew Jones BS-SP22 bookshelves and at least the
S-MS3SW sub (not the one in the system above), and build your system from there over time. The next step would be the centre channel speaker. Later on, you could buy the towers and shift the bookshelves to surround duty.
I asked about the price of the Yamaha earlier because, for a reasonably well balanced audio system you should only be spending about 25% of your total budget on electronics (player & AVR). The bulk of your budget (about 75%) should be spent on speakers and sub(s), because this is where the biggest gains in sound quality can be made with extra expenditure.
Are there other speaker and sub brands available that you're interested in?