I was able to install it using the changes of this PR.
https://github.com/DisplayLink/evdi/pull/269
Code:
unzip 'DisplayLink*.zip'
chmod +x displaylink-driver-5.3.1.34.run
./displaylink-driver-5.3.1.34.run --noexec --keep
git clone --branch linux-5.11-ftbfs-fix https://github.com/piso77/evdi.git
cd evdi
tar cf evdi.tar.gz *
cp evdi.tar.gz ../displaylink-driver-5.3.1.34
cd ../displaylink-driver-5.3.1.34
sudo ./displaylink-installer.sh install
Displaylink yet not working....
evdi is installed and DisplayLinkManager running.