Do we require a token module for token_replace() to work? I am creating a custom token using token_replace() and then adding hook_tokens_info() and hook_tokens in .tokens.inc file.
Will this function work without token module
?
I mean do we need token module for this function
You don't need the Token module to use the functions you mentioned in your question. They are defined in Drupal core.

References:


token_replace()
hook_token_info()
hook_tokens